Yes, that is correct. It is not a mistake or a typo. With so many consumers dealing with the financial crunch today it is possible to get some assistance from your credit card company.
If you’re like a lot of people and have either maxed out your credit cards or simply taken out more debt than you can afford to pay back you may want to contact your credit card company and ask for a forbearance to help you regain control of your financial situation.
Some credit card companies can grant forbearance if the consumer has lost their job or has had some unexpected financial emergency like a medical situation recently.
Forbearance is a postponement of your payment and can last from six months to a year (or possibly longer). It may also include reducing your minimum monthly payment, a reduction in your interest rate or even eliminating some fees that were assessed on your credit card. Forbearance does not erase your debt but it may put it off for some time so that you can try and recover from your financial situation. The Credit Card Company may report this delay to the credit bureaus but they may be willing to hold off on doing this. Normally if you have had good credit then they may be more willing to work with you. On the other hand if you were someone that was habitually late with your payments you may need to dispute this information later if it is reported incorrectly. Note this is only a temporary solution to your problem because soon you will have to start making payments again on the credit card balance.
If you find yourself having financial difficulties or have had some financial emergency come up, it’s best to contact your credit card companies right away before your situation gets worse or to a point where the credit card company can no longer help you.
Ovation Credit Services provides premier credit repair and credit report repair services. Call today for a free consultation.
Leave a comment