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 have made some poor financial decisions and find yourself in a financial bind, you are like many consumers in today's economy. You've either over extended your credit or just simply taken on too much debt. You should not expect your credit card company to overlook the debt, but they might be willing to take forbearance which could help you try and recover from the problem.
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.
The secret is to not wait too long. If you see a financial problem coming, then contact your credit card company. This will give you more of a chance and more options for your credit card company to assist you. - 29969
If you have made some poor financial decisions and find yourself in a financial bind, you are like many consumers in today's economy. You've either over extended your credit or just simply taken on too much debt. You should not expect your credit card company to overlook the debt, but they might be willing to take forbearance which could help you try and recover from the problem.
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.
The secret is to not wait too long. If you see a financial problem coming, then contact your credit card company. This will give you more of a chance and more options for your credit card company to assist you. - 29969
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