From 24/7 Wall St. · David Beren · · 1m 10s
Credit Card Hardship Program Rate Cut
Credit card users can lower interest rates through hardship programs by calling issuers directly.
In brief
Credit card users can lower interest rates through hardship programs by calling issuers directly. Cardholders may request temporary interest rate cuts via hardship programs by contacting issuers. Originally reported by 24/7 Wall St..
Hardship Programs Exist
Credit card issuers offer hardship programs for cardholders facing setbacks like medical bills.
Current High Interest Rates
Average credit card interest rates reached 21.19% as of August 2026 with 2.85% balances past due by April 2026.
Hardship Program Terms
Hardship programs include lower APR, smaller payments, interest-only payments, or temporary pauses.
Federal Law Protection
Federal law prevents rate increases after hardship programs end but caps rates at pre-program levels.
Who Qualifies
Qualifying setbacks include job loss, medical expenses, natural disasters, or family changes like divorce.
Request Process
Cardholders call issuers to explain payment difficulties and how much they can afford before missing payments.
Trade-Offs
Hardship programs often freeze or close accounts, affecting credit scores and reporting on credit reports.
Other Options
Nonprofit counseling or debt management plans offer alternatives if card companies refuse hardship programs.
In short
Cardholders may request temporary interest rate cuts via hardship programs by contacting issuers.
