- Stop using the card and adding to the balance due. You don't want your card issuer to think that you're taking advantage of the situation.
- Call the customer service number listed on the back of your card.
- Explain your situation calmly. If you've had a good payment record in the past, emphasize that to the customer service agent. Ask to be considered for the company's forbearance or relief programs. It's really as simple as that. "If you think you're going to have difficulty staying current with your payments, reach out to your card issuer," said Betty Riess of Bank of America. "If customers believe they're having problems, we want to try to help them."
What is forbearance? The most important thing to remember is that it's not forgiveness -- you still must repay your credit card debt. But forbearance programs can offer temporary reprieves from your obligations.
In some cases, you might be able to postpone payments for six months to a year or even longer. Or your minimum payment monthly payment might be lowered. Or your interest rate reduced. Or some fees eliminated.
It depends on your particular situation.
"We understand the many of our customers are struggling to meet their financial obligations and our objective is to help customers who are experiencing financial hardship," said Betty Riess. "If a customer cannot afford to make regular payments or falls behind on an account, our customer assistance department proactively reaches out to them."
Information by Martin Merzer of CreditCards.com
