Does Discover Have a Financial Hardship Program?
Key points about: financial hardship programs
Unexpected bills or a loss of income may quickly lead to financial hardship if not addressed appropriately.
Contacting your credit issuer during financial hardship could help avoid additional debt from missed or late payments.
If your creditor can’t work with you to create a payment plan, a non-profit organization may be able to help you manage financial hardship.
When you’re facing financial hardship, it can seem like you don’t have any options except to skip paying some bills. But, financial hardship assistance programs are designed to help you meet your financial obligations and preserve your credit.
If you need support during a challenging financial time, visit the Discover Financial Education Center. It’s a hub that provides information for anyone interested in credit management, local financial support, and credit score information. It may also be helpful to get support from government programs to help with food, bills, and housing, as explained by USA.Gov, while you get your finances back in order.
If you need help managing a financial hardship, review the tips below to get back on track quickly.
Before you begin missing payments
No matter how well you manage your expenses, life can throw a curve ball that derails your financial plans. A variety of issues can cause financial struggles, but some common ones include:
- Job Loss
- Medical Bills
- Unexpected Expenses
When facing a potential financial hardship situation, start by trying to find solutions that empower you.
If you have credit card debt on a credit card with a high-interest rate, consider a balance transfer card with a low or 0% intro APR.
You can also consider setting up a budget to stay on course while reestablishing your financial footing.
Did you know?
Discover has programs designed to provide temporary financial relief for cardmembers. With these financial hardship assistance programs, you may be able to maintain your financial obligations until your situation improves.
Proactive communication with creditors can be key to minimizing the long-term impact of financial hardship:
- Seek out the help you need to manage your bills. Make arrangements using a payment assistance program when you think you can’t afford your monthly payments.
- Explain your situation honestly with creditors. Try to reach a mutually agreeable solution that helps you manage your financial strain while honoring your agreement with the creditor.
- Don’t wait until creditors are seeking you out. At the first sign of financial hardship, get the information you need to keep your accounts current and address your situation by researching the financial hardship programs offered by your card issuers.
For Discover® Cardmembers, if you’ve lost your income, your income has significantly dropped, or you’re struggling to meet your monthly payment obligations for other reasons, contact a Discover representative to talk through your situation.
During financial hardship
If you’re in danger of missing a credit card payment, try to take action before your payment due date. If you’ve already missed a payment, you should still contact your credit card issuer to review the situation.
Discover® Cardmembers can contact customer service to discuss their specific situation and explore financial hardship programs that may be available. Or, you might consider working with a non-profit credit counselor that helps develop budgets and debt management plans for people experiencing financial challenges.
Regardless of how you move forward, plan on continued communication with your creditors as you work to get back on your feet and current with your bills.
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