Right now, many people are finding themselves in a precarious financial position as they struggle to keep up with their high-interest credit card debt. And, much of that financial strain is being caused by persistent inflation and the elevated interest rates meant to temper it. While the inflation rate is significantly lower right now than it was at its peak, the latest inflation report shows that prices increased again in March 2024, reaching 3.5% — up slightly from 3.2% the previous month.
That said, to qualify for a credit card hardship program, cardholders will typically need to meet the following criteria:Demonstrate a genuine financial hardship: This may include job loss, reduced income, medical expenses or other unexpected financial emergencies.Provide documentation: Cardholders will need to submit proof of their financial hardship, such as pay stubs, medical bills or unemployment documents.
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