Consolidating debt affect credit score
Drafting and sending a hardship letter to your credit card bank is typically unnecessary.
Hardship letters are something more consistent with what you would include when you are looking at a home mortgage modification, a short sale, or qualifying for some type of benefit or adjustment on your home loan.
You may have already tried talking to your credit card banks about lowering your payment in the past.
The hardship you explained to the customer service rep probably did not seem to matter.
Your payment is reduced because the creditor is willing to lower your interest rate for several months while on the the temporary hardship plan.
Interest rates may be as low as zero percent and typically will not exceed ten percent.
The temporary reduced payment plans are useful to someone who is only experiencing a hardship that is not expected to continue for any significant period of time.Qualifying for a hardship program with credit card debt is literally just a matter of a phone call, and qualifying in your credit card banks system for the payment reduction.