When you’re facing financial hardship, it may seem like your only option is to choose which bills you can afford to pay month to month, at least until you find a way to make ends meet.
But there are programs designed to help you meet your financial obligations and preserve your personal credit â€” even when your income becomes limited due to circumstances beyond your control.
Here’s a look at some of the options Discover cardmembers may be eligible for to help manage financial strains â€” and make sure they don’t hinder your financial future.
Financial Hardship is Often Caused by the Unexpected
No matter how well you manage your expenses based on your income, life can throw you a curve ball that derails your financial plans.
Discover has local assistance resources and financial hardship assistance programs to assist cardmembers who experience financial difficulty caused by the unexpected â€” which can range from medical emergencies, disability or a serious accident, to job loss or sudden negative changes in income.
The goal is to find solutions that empower individuals to reestablish their financial footing and get back on the right track. These programs are designed to provide temporary financial relief, so you can maintain your financial obligations until your situation improves.
You’re Not in This Alone
If you’re in danger of missing a credit card payment, try your best to take action before your payment due date. Contact Discover to discuss your situation, review available payment methods and help you explore financial hardship options that may be available.
Representatives can also suggest strategies and resources that can help those experiencing financial challenges to form a budget and debt management plan to get back on track.
It’s Best to Be Proactive
If your income has been been eliminated or significantly lowered or you struggle to meet your monthly payment obligations for other reasons, contact a Discover representative to discuss your situation.
Proactive communication with creditors is key to minimizing the long-term impact of financial hardship:
- Seek out the help you need to manage your bills and potentially make arrangements for a payment assistance program as soon as you sense you may not be able to afford your monthly payments.
- Explain your situation honestly with creditors, and try to reach a mutually agreeable solution that will help manage your financial strain, while honoring the agreement you made with the creditor.
Don’t Let Financial Hardship Spiral Out of Control
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.