Asking for credit card help

Yesterday we talked about the importance of contacting your lender when you are having trouble paying your mortgage. Mortgage lenders don't want you to foreclose and offer a variety of options to help you get through your financial crisis. Plus, the foreclosure process is expensive and often worthless for banks.

Today, contacting credit card companies when you are facing a crisis seems to be a hot topic instead. Just like you should contact your mortgage lender at the first sign of trouble, you should also contact your credit card company when you are facing a financial crisis. Most of the big creditors have special departments set up that can offer reduced payments, lower interest rates and fee removal for customers who are experiencing a temporary problem such as a job loss, natural disaster, divorce or illness.

How successful your call will be depends on your creditor's policies and your personal situation. Bank of America and Citibank are two companies that offer assistance. Other creditors may not be as helpful or may only offer assistance in specific situations. 

Remember, creditors want to keep you as a customer. You are much more lucrative to them as an active cardholder than as a charged-off debt sold to collections. Stand up for your rights and don't be afraid to ask your credit card companies for help when you are facing a financial crisis.