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.
Connecticut Letter to Credit Card Company Seeking to Lower Payments Due to Financial Difficulties Subject: Request for Financial Hardship Assistance — Lowering Monthly Credit Card Payments [Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Credit Card Company Name] [Attn: Customer Service Department] [Company Address] [City, State, Zip Code] Dear [Credit Card Company Name], I am writing to you today regarding my credit card account with your company. I have found myself in a difficult financial situation and am currently experiencing significant financial hardships. As a responsible cardholder, I am reaching out to request assistance in lowering my monthly credit card payments to alleviate some of the financial burden I am currently facing. As a resident of Connecticut, I am aware of the importance of fulfilling my financial obligations and want to find a reasonable solution that allows me to honor my credit card agreement while managing my financial difficulties. I understand that each state and credit card company may have different programs or options available in such circumstances, so I kindly request your guidance regarding any specific assistance programs or initiatives applicable in Connecticut. I would greatly appreciate your consideration in reviewing my account and working with me to establish a realistic payment plan that aligns with my current financial capabilities. To provide you with a better understanding of my financial hardship, I have enclosed supporting documentation, including bank statements, pay stubs, and any relevant medical bills or unemployment records. Please find attached the following documents: 1. [List of enclosed documents] I would like to propose a reduction in my monthly credit card payments until my financial situation improves. I understand that this may result in an extended repayment period and an increase in overall interest charges. However, I believe that a temporary reduction in monthly payments will allow me to continue fulfilling my obligations and prevent further financial strain or potential default. I assure you that I am committed to resolving this matter promptly and responsibly. Should my financial situation improve in the future, I will immediately contact your office to discuss revising the payment arrangement. I kindly request that you review my request and respond in writing within 30 days. I understand that Connecticut has specific regulations or guidelines applicable to situations of financial hardship, and I urge you to consider them while evaluating my request. Thank you for your understanding and cooperation during this challenging time. I look forward to your prompt response and working together to find a mutually beneficial solution. Please do not hesitate to contact me at [Phone Number] or [Email Address] if you require any further information or if I can provide any additional documentation. Yours sincerely, [Your Name]Connecticut Letter to Credit Card Company Seeking to Lower Payments Due to Financial Difficulties Subject: Request for Financial Hardship Assistance — Lowering Monthly Credit Card Payments [Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Credit Card Company Name] [Attn: Customer Service Department] [Company Address] [City, State, Zip Code] Dear [Credit Card Company Name], I am writing to you today regarding my credit card account with your company. I have found myself in a difficult financial situation and am currently experiencing significant financial hardships. As a responsible cardholder, I am reaching out to request assistance in lowering my monthly credit card payments to alleviate some of the financial burden I am currently facing. As a resident of Connecticut, I am aware of the importance of fulfilling my financial obligations and want to find a reasonable solution that allows me to honor my credit card agreement while managing my financial difficulties. I understand that each state and credit card company may have different programs or options available in such circumstances, so I kindly request your guidance regarding any specific assistance programs or initiatives applicable in Connecticut. I would greatly appreciate your consideration in reviewing my account and working with me to establish a realistic payment plan that aligns with my current financial capabilities. To provide you with a better understanding of my financial hardship, I have enclosed supporting documentation, including bank statements, pay stubs, and any relevant medical bills or unemployment records. Please find attached the following documents: 1. [List of enclosed documents] I would like to propose a reduction in my monthly credit card payments until my financial situation improves. I understand that this may result in an extended repayment period and an increase in overall interest charges. However, I believe that a temporary reduction in monthly payments will allow me to continue fulfilling my obligations and prevent further financial strain or potential default. I assure you that I am committed to resolving this matter promptly and responsibly. Should my financial situation improve in the future, I will immediately contact your office to discuss revising the payment arrangement. I kindly request that you review my request and respond in writing within 30 days. I understand that Connecticut has specific regulations or guidelines applicable to situations of financial hardship, and I urge you to consider them while evaluating my request. Thank you for your understanding and cooperation during this challenging time. I look forward to your prompt response and working together to find a mutually beneficial solution. Please do not hesitate to contact me at [Phone Number] or [Email Address] if you require any further information or if I can provide any additional documentation. Yours sincerely, [Your Name]
