Posted on May 4, 2010 at 1:16 am Hello, would you know what or how the amexhardship program goes? Has anybody here gone throughit before? any insight would be appreciated, thanks in advance!

Posted on May 4, 2010 at 2:21 am Hello, would you know what or how the amexhardship program goes? Has anybody here gone throughit before? -- Hi there, I haven't really worked with them yet but I heard that they are willing to reduce  your monthly credit card bills to close to 10 percent to 25 percent. I am not sure. Why don't you give them a call?

Posted on May 4, 2010 at 4:28 am Amex Hardship Program - I'm not sure about that paymentreduction 1casio, but it's more possible for them to offer to reduce or cancel your penalties and fees.

Posted on May 4, 2010 at 5:48 am Amex Hardship Program - I agree, give them a call - the American Express assistance program's numbers (800) 253-1709 - and ask about what they can do with or for your interest rates as well.

Posted on May 4, 2010 at 6:25 am Hi there, you know the hardship programs of most credit card companies are the same as the debt management programs of credit counseling agencies. The difference is that, instead of you negotiating for your debt, you would be represented by the agency. The Debt Management Plan lasts runs for 3-5 years. It would cost you $25/mo.

Posted on May 4, 2010 at 6:28 am Right, but not all credit card companies work with credit counseling agencies. In fact, they don't like working with them, because consumers enrolled in the DMP are still current with their payments. Creditors would of course prefer to get the full amount of debt instead of less than the full amount ( via negotiation). Plus the consumer being able to afford to stay current means that it's possible to get that full amount of debt. That's not to say that it never works, you just have to show proof of hardship really, and it might work for you. If it doesn't, you have another option. Debt settlement.

Posted on May 4, 2010 at 6:32 am Just to expound on debt management plan, the program is about negotiating the terms of your interest rate really, so you can get at your principal amount. 3-5 years is not a short time to be in a program, if you think about it, in fact, the drop out rate is high. If you owe $10k or more and you find yourself being late on your payment often, you might want to try out debt settlement instead. It's a program that negotiates not just your interest rates but your entire balance and it can help you be debt free in less than 3 years.

Posted on May 4, 2010 at 6:36 am About debt settlement - it would cost you 15% of your total debt amount. Spread out over 18 months. Or 20-25% of the settlement amount. When you call the company, don't forget to ask about their fee structure. How the fees are going to be taken out of your payments and for how long. Many consumers are dismayed to learn sometimes that the first few months of their payments are being applied to the fees rather than for the payments to the creditors, leading them to drop out, which is a waste. the settlement company's fault in a way (so choose your company well), but the consumers as well (for not doing their homework and asking questions), for not tackling the issue and both losing out. Debt settlement worked for many and it might work for you.

Posted on May 4, 2010 at 6:38 am Interesting...yes I do owe more than that. But how about my credit? If i do it on my own, what would it do to my credit? And if i enroll, would it be better or worse? what else should i know about debt settlement?

Posted on May 4, 2010 at 6:42 am As long as you are negotiating your debt or under the hardship program I think, that's going to be noted in your report (I'm just not too sure), if it's true that it's like being in a Debt Management Plan. If you are in a DMP it's going to appear on your report for as long as you are in the program. Afterward, it's gone. If not, you can always request for it to be removed. As for debt settlement, it stays on your report for 7 years. That one you can't remove from the report, until after 7 years.