Postpone All Your Credit Card Payments with Just One Call

Although many credit card providers have introduced programs to assist consumers struggling with bill payments due to the coronavirus pandemic, it is not an automatic solution for everyone. Consumers must reach out to their card issuer to explain their financial difficulties, and adjustments are made on a case-by-case basis.

This means you’ll have to make the call (and probably endure a long hold time) to request assistance. If you're not a fan of phone conversations, like the author of this article, the thought of dialing your credit card's customer service number may not be particularly appealing.

However, if there's ever been a moment to ask for assistance, it’s definitely now. To make the process a bit easier, the National Foundation for Credit Counseling (NFCC) is available to help you reach out to your creditors.

Rather than contacting each of your creditors one by one, you can simply reach out to a credit counselor who will take care of everything for you. A counselor might be able to help you secure a temporary deferment of one to three months on your payments, and you’ll also have the opportunity to stay connected with them for ongoing support regarding your financial challenges and goals.

This service is a departure from the typical debt counseling experience, offering a different approach.

Generally, a counselor won’t negotiate with your creditors unless you are enrolled in a debt management plan (DMP), which combines your payments into one monthly sum that the counseling agency administers. This process typically involves closing your credit accounts while you pay off the debt.

You don't have to be enrolled in a DMP to seek temporary hardship assistance from a credit counselor, and there’s no need to close any of your accounts. Counselors are there to help you get short-term assistance and guide you in finding the best options to relieve any financial strain you might be dealing with.

You can reach a counselor through NFCC’s member agencies by visiting www.nfcc.org/locator/ or by calling 1-800-388-2227.