When you cannot make your monthly credit card payment, the worst thing you can do is to simply let the bill go unpaid. Your creditor can charge you a late fee, raise your interest rate, and report the late payment to the credit bureaus. If you cannot pay the minimum, consider writing your credit card company and explaining your situation to them. Many creditors will extend your due date, waive the late fee, and continue reporting a "current" payment status to credit bureaus.
Title: Puerto Rico Letter to Credit Card Company Seeking to Lower Payments Due to Financial Difficulties Keywords: Puerto Rico, Letter to Credit Card Company, Seeking, Lower Payments, Financial Difficulties Introduction: [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Credit Card Company's Name] [Company Address] [City, State, ZIP] Subject: Request to Lower Credit Card Payments due to Financial Difficulties in Puerto Rico Dear [Credit Card Company's Name], I hope this letter finds you well. I am writing to address my current financial hardships and request your assistance in lowering my credit card payments. I believe some context is necessary to understand the situation better. Background: I am a resident of Puerto Rico, a United States territory located in the Caribbean. Puerto Rico has been facing significant financial challenges in recent years, including but not limited to a severe economic recession, high unemployment rates, and the devastating effects of natural disasters such as Hurricane Maria in 2017. These circumstances have had a profound impact on the financial stability of many Puerto Ricans, including myself. Financial Difficulties: Unfortunately, I have not been immune to the adverse circumstances faced by our island. Due to the economic downturn and job loss, my income has been significantly reduced. Consequently, I am experiencing immense difficulty in making my credit card payments as per the original terms and conditions. Despite my best efforts to manage my finances responsibly, I am struggling to meet the minimum payment obligations, and the situation is becoming increasingly overwhelming. Request for Lower Payments: Considering my current financial limitations, I kindly request that you consider reducing my monthly credit card payments to an amount that is more feasible for my circumstances. I understand that entering into such an agreement may involve modifying the terms and conditions of my account, but I assure you that this will enable me to repay my debts more efficiently while also ensuring that I maintain a positive credit history. Alternative Options: To address my financial difficulties more effectively, I am open to exploring alternative solutions that you may suggest. These may include but are not limited to options such as a temporary forbearance, the extension of the repayment period, or the reduction of the interest rate on my account. I am committed to taking the necessary steps to improve my financial situation, and I am hopeful that we can reach an agreement that benefits both parties involved. Contact Information: Please find my contact details provided above and feel free to reach out to me at your convenience to discuss this matter further. I would appreciate an opportunity to work collaboratively and find a resolution that helps alleviate some of the financial burden I am currently facing. Conclusion: Thank you for taking the time to review my request. I sincerely hope that you consider my circumstances and understand the unique challenges faced by individuals living in Puerto Rico. You're understanding and assistance during this difficult period would make a significant difference in my financial well-being. I remain hopeful for a positive outcome and eagerly await your response. Yours faithfully, [Your Name] [Your Credit Card Account Number (if applicable)]Title: Puerto Rico Letter to Credit Card Company Seeking to Lower Payments Due to Financial Difficulties Keywords: Puerto Rico, Letter to Credit Card Company, Seeking, Lower Payments, Financial Difficulties Introduction: [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Credit Card Company's Name] [Company Address] [City, State, ZIP] Subject: Request to Lower Credit Card Payments due to Financial Difficulties in Puerto Rico Dear [Credit Card Company's Name], I hope this letter finds you well. I am writing to address my current financial hardships and request your assistance in lowering my credit card payments. I believe some context is necessary to understand the situation better. Background: I am a resident of Puerto Rico, a United States territory located in the Caribbean. Puerto Rico has been facing significant financial challenges in recent years, including but not limited to a severe economic recession, high unemployment rates, and the devastating effects of natural disasters such as Hurricane Maria in 2017. These circumstances have had a profound impact on the financial stability of many Puerto Ricans, including myself. Financial Difficulties: Unfortunately, I have not been immune to the adverse circumstances faced by our island. Due to the economic downturn and job loss, my income has been significantly reduced. Consequently, I am experiencing immense difficulty in making my credit card payments as per the original terms and conditions. Despite my best efforts to manage my finances responsibly, I am struggling to meet the minimum payment obligations, and the situation is becoming increasingly overwhelming. Request for Lower Payments: Considering my current financial limitations, I kindly request that you consider reducing my monthly credit card payments to an amount that is more feasible for my circumstances. I understand that entering into such an agreement may involve modifying the terms and conditions of my account, but I assure you that this will enable me to repay my debts more efficiently while also ensuring that I maintain a positive credit history. Alternative Options: To address my financial difficulties more effectively, I am open to exploring alternative solutions that you may suggest. These may include but are not limited to options such as a temporary forbearance, the extension of the repayment period, or the reduction of the interest rate on my account. I am committed to taking the necessary steps to improve my financial situation, and I am hopeful that we can reach an agreement that benefits both parties involved. Contact Information: Please find my contact details provided above and feel free to reach out to me at your convenience to discuss this matter further. I would appreciate an opportunity to work collaboratively and find a resolution that helps alleviate some of the financial burden I am currently facing. Conclusion: Thank you for taking the time to review my request. I sincerely hope that you consider my circumstances and understand the unique challenges faced by individuals living in Puerto Rico. You're understanding and assistance during this difficult period would make a significant difference in my financial well-being. I remain hopeful for a positive outcome and eagerly await your response. Yours faithfully, [Your Name] [Your Credit Card Account Number (if applicable)]
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
