Taft Financial Credit Card Relief Offer Is The Same Old Thing
Taft Financial has begun flooding the market with debt consolidation and credit card relief offers in the mail. The problem is that the terms and conditions are at the very least confusing, and possibly even suspect. The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers. Best 2020 Reviews, the personal finance review site, has been following Taft Financial, Georgetown Funding. Plymouth Associates, Safe Path Advisors, Neon Funding, Ladder Advisors (also known as Carina Advisors, Corey Advisors, Pennon Partners, Jayhawk Advisors, Clay Advisors, Colony Associates, and Pine Advisors, etc.).
As a result of the ongoing financial difficulties that most consumers are facing due to covid-19, issuers won’t pay off your credit cards but consumers now have the option of deferring payments for a limited period of time, among other concessions.
If you are facing financial instability due to the coronavirus outbreak and the ensuing lockdown, you should be aware of the credit card relief options at your disposal. These options may help to improve your financial scenario and empower you to find a way out of the crisis. These credit card relief options will be particularly important to the millions of US citizens who are now unemployed as well as those whose income has plummeted owing to covid-19.
However, the credit card relief options that each issuer is offering are not the same. That is, issuers have their own unique set of credit card relief options that you will need to confirm by checking out their website. And be sure to avoid the debt consolidation grinch.
For instance, Citi has extended a forbearance program that it’s credit card consumers can request in case they are finding it difficult to pay on time. On the other hand, American Express is willing to lower the interest rate, provide relief for customers paying late, and reduce the monthly payment to those that ask for it. Wells Fargo is also providing assistance and payment deferrals to its customers.
Here is what you need to know about credit card relief options.
Request Help for Credit Card Relief
Almost all issuers are providing some kind of assistance to afflicted customers. However, you should first ask for this assistance instead of skipping your payment without warning. Although terms and conditions of consolidating credit card debt vary between issuers, one thing is for certain. They are invariably available only to those customers that first make a request. You will have to fill out an online form to request such kind of help.
You should also be careful to read all terms and conditions so that you are aware of the full impact of the assistance on your credit score and situation.
That being said, the good news is that almost issuers are extending some kind of credit card relief that can alleviate any kind of financial turmoil that you may be facing.
Issuers are providing relief that in general has no adverse on your credit score. Most of them are providing generous assistance that can help customers without denting their credit score.
For instance, American Express has said that it is making an effort to prevent the accounts of late paying customers from becoming overdue.
Chase has said that customers seeking its assistance will not be reported to credit card bureaus. If you have a Chase credit card, you may be allowed to defer payments for up to 3 months without being reported.
Before opting for the deferred payment option, check the fine print to ensure that it wont be considered as late payment. Always go through all the terms and conditions of these assistance programs so that you are fully aware of their ramifications.
Even if you are fully aware of all terms and conditions, you need to keep one thing in mind with regard to deferred payments. You will need to make payments on time as soon as the grace period ends. You should make arrangements to ensure timely payments at the end of the assistance time frame.
Automatic payments will be executed unless you request your issuer to halt them. For instance, suppose you have scheduled automatic payments from your savings or checking account, then a payment will be made automatically each month unless you stop it.
You should also know that if you have authorized automatic payments for vendors or merchants, then they will continue each month unless you stop them.
Lower Monthly Payment
You may be able to reduce your monthly payments or even defer them if your issuer allows. You will need to make a request and ensure that you know about the terms and conditions. However, you may need to make up for the skipped amounts after the assistance period comes to an end. You may have to make bigger payments in the subsequent. Keep this disadvantage in mind before requesting reduced or deferred payment.
If you have requested deferred payments then you will likely not be charged any fees that apply for late payments. You will not have to pay any late fees once you resume payments since issuers are waiving them as part of their credit card relief programs.
Reduced Interest Rate for Credit Card Relief
Issuers are offering to reduce the interest rate for a limited time frame as part of credit card relief. You can enjoy smaller monthly payments thanks to the reduced interest rate. However, the interest rate will likely revert to its normal level when the assistance ends.
Credit Card Relief Payment Plan
If you are having serious difficulties paying your dues, then you may be able to discuss a repayment plan with your issuer. However, such a plan will most likely entail shutting down your account so that you are not able to use your credit card. This credit card relief option may be considered as the last resort if you have no other choice.
In order to mitigate their risks during these uncertain times, issuers are reducing the credit limits available to their customers. If you find yourself with a lower credit limit that you would like to revert to normal, then you should talk to your issuer. You may need to use this credit card relief option, if for instance, you need your credit card to pay off your bills. If you have a history of timely payments, then your issuer may reconsider its stance on credit limit.
If you cannot afford the annual fee on your credit card then you can request the issuer to waive the fee. In case the issuer is unwilling, you can then request a product change. This involves changing your credit card. You can go for a credit card that has no annual fees. This credit card relief option is better than closing your card which can impact your credit score adversely.
Before opting for credit card relief assistance make sure that you understand all possible repercussions so that you don’t end up running into bigger problems later on.
And as always, avoid financial scams from debt mailers that have been plaguing the marketplace since the pandemic started.