How Credit Card "Bailout" Works
Credit card companies are now working with debt relief programs to significantly reduce the debts of select consumers who have a qualifying financial hardship.
Creditors are continuously working to remove late or defaulted debts off their books. There are two common reasons companies do this. First, too much bad debt on their books can have their financial standing look negative. Second, if a debt is defaulted it is better to reduce the debt and collect some money rather than get nothing or pursue expensive legal options. One way they accomplish this is to offer a reduction of debt to consumers who have a financial hardship. This means if you qualify for a hardship program you may be able to significantly reduce your credit card debts and other unsecured debts.
When you provide us with information about your debts and financial hardship we will have two companies evaluate your situation and determine if you could qualify for their hardship based debt relief program.
After a careful consultation with you and a review of your situation these companies will provide you with a debt reduction report. This will allow you to make an informed decision on your options with no cost, no pressure and no obligation.
Credit Card Bailout Step by Step
- Submit your total credit card debt on the report request form.
- Two debt relief professionals will review your information and will then contact you to evaluate your entire situation in detail, answer your questions, determine your hardship, and create your estimated debt reduction reports. A working phone number is required.
- You receive your reports and help for free without any cost or obligation to use a hardship based program to reduce your debts. Learn your potential reductions before making a choice.
Important Items to Consider:
- Not all debt reduction reports will be exactly the same. Each professional may have a different report format and some may provide more specific details than others do.
- These are hardship based programs to reduce your debt. You should not consider a debt reduction in this manner if you do not have a financial hardship. See examples of qualifying hardships here.
- This is not a Government debt relief program, as there is no such program as of this date.
- A “credit card bailout” is an opportunity to reduce your debts so you can pay them off through a hardship based program, this is not an offer to payoff a debt for you.
- A Hardship program is not a bankruptcy