Credit card issuers and payment networks have banded together to launch a new telephone hotline and website to help consumers with issues such as these.
The Help With My Credit resource is aimed at providing assistance and education to people who may not know where else to turn.
To take advantage of the service consumers can visit HelpWithMyCredit.org or phone the toll-free number 1-866-941-1030. On the phone, an operator will either direct the caller to a customer service representative who works for a credit card company or to a credit counseling agency.
The announcement comes in the wake of rising credit card default rates and concerns that this year’s charge-off rate – reflecting cases in which an issuer gives up on collecting a bill – could reach record highs.
According to the Fitch Ratings Credit Card Index, charge-offs increased by 40 percent in January, compared with the same month in 2008.
Bank of America, Capital One, Citigroup and Discover are the card providers participating in the program. Payments networks MasterCard and Visa are also involved in the collaboration.
According to Joe Ganley, spokesperson for Help With My Credit, people who are struggling with credit card payments should call the number for advice instead of ignoring the situation.
“If customers have missed a card payment or if they’re worried about a change in their financial situation, we want them to know there are actions they can take to get back on track,” he said.
Issuers typically operate their own credit-management program, but the challenges of the current economic climate have prompted them to come together, Ganley added.
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