Dealing with debt can feel like a never-ending cycle, especially when high interest rates make it nearly impossible to get ahead. I knew I needed to take action to make my payments more manageable, so I started reaching out to my credit card companies and loan providers to see what options were available. Here’s what I did and how it turned out.
📉 My Credit Card Adjustments
- Citi Credit Cards (x2): I was able to secure a 0% interest rate for 60 months! 🙌 The catch? Both accounts are now closed, meaning I can no longer use them. But honestly, I think that’s a good thing. Less temptation, more focus on paying it down! For Citi, they asked me how much I think I could pay minimum as a starting point and they worked with me from there. So be prepared to know what you’re willing to try to negotiate.
- Barclays Credit Card: Unfortunately, I couldn’t get a hold of a representative right away. I had to submit some information online to apply for their Hardship Program and I’m waiting to hear back. I’ll make sure to update once I find out what happens.
- Bank of America (BOFA) Credit Cards (x2): Both cards are now on a 6-month Hardship Program. I’m getting 0% interest and reduced monthly payments during this time. This temporary relief should help me make a bigger dent in the principal. The cards are still open but during hardship program, they are not available for usage.
đź’¸ My Personal Loans
When I reached out to my personal loan providers, I was told I couldn’t qualify for a hardship program since I wasn’t in default. They actually suggested letting my payment go past due by even one day to possibly qualify for hardship. This is definitely something I need to think carefully about. The idea of intentionally missing a payment doesn’t sit well with me, but it might be worth considering if it means reduced payments or interest.
đź“ž My Call Script
Here’s the exact script I used when calling these companies:
“Hi, my name is [Your Name], and I’m calling about my account ending in [Last 4 Digits]. I’ve been experiencing financial hardship due to [briefly explain your situation], and I’m finding it challenging to keep up with my payments.
I understand you may have hardship programs or other options to help reduce my interest rate or monthly payments. Could you provide information on any available programs? I’m committed to repaying my debt and would appreciate any assistance you can offer.”
✏️ My Next Steps
- Follow up with Barclays to see if I qualify for the Hardship Program
- Consider my options with the personal loans if it makes sense to let it go one day late for relief
- Track how much this adjustment is saving me monthly and over the next 6 months
đź’ˇ Final Thoughts
It’s tough to make those phone calls, but the potential savings are well worth it. If you’re drowning in high-interest payments, I highly recommend reaching out to your lenders—you might be surprised at what they’re willing to do to help you. Come on the call with details such as your monthly take home, they might ask what type of hardship you’re facing (not in full detail but you might need just to mention “XYZ” to help soften them up.
My plan is to focus on making the minimum payments while using any extra money that would have gone toward those minimums to start chipping away at the actual balances. My hope is that seeing the numbers go down will fuel my motivation to keep pushing forward.
Are you currently working on lowering your interest rates? Have you had success with any hardship programs? Share your experiences with me in the comments below! 👇
