Financial Hardship Assistance - What Are Your Options?

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Financial Hardship Assistance

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No matter how well we may plan for the worst, life will still throw us curve balls in the form of accidents, emergencies and unfortunate circumstances. Unexpected events also tend to come with a hefty price tag, which can quickly put us in a financial bind.

The exact definition of financial hardship may vary depending on who you ask. Typically, financial hardship refers to situations when you’re unable to make your debt payments or bills due to circumstances beyond your control. If you are experiencing a period of financial hardship, you may find help through financial hardship assistance.

Causes of Financial Hardship

Many situations can greatly affect your finances and land you in a period of hardship, including the following:

Financial Hardship Help

It may seem impossible to recover when you’ve been hit with financial hardship, but it’s important to remember that you have options. In addition to making cuts to your spending and finding an additional source of income, you may be able to get help with your financial hardship from your lender.

Credit Card Hardship Assistance From Lenders

Although they aren’t widely advertised, many major credit card issuers offer help with financial hardship. This may be a good option to relieve credit card debt if you have bad credit. You may be able to receive lower interest rates, reduced penalties and fees, or lower minimum payments to help you get back up on your feet. Call your lender directly as soon as you know that you’ll need assistance.

Student Loan Hardship Assistance

When it comes to federal student loans, you may qualify for a deferment, forbearance, or an income-driven repayment plan. More information on these hardship options can be found on the Federal Student Aid website.

Not all private student loan providers offer assistance, but it’s worth contacting them directly to go through your options. Sallie Mae, for example, offers deferment and forbearance options under special circumstances, but borrowers should be prepared to see their interest continue to accrue. Those with private student loans may also find relief through debt consolidation loans or a debt consolidation company.

Financial Hardship Help From a Debt Consolidation Service

If you are unable to get hardship assistance through your lender directly, you may be able to regain control of your finances with the help of a debt consolidation service. These providers can consolidate your debt and may be able to lower your monthly payments and work on your behalf to reduce the overall burden of your debt.

Payday Loan Help

When experiencing financial hardship it may be tempting to turn to payday loans to fill in the gaps. Unfortunately, these loans are notoriously difficult to pay back and can quickly spiral out of control. Debt consolidation for payday loans may be able to help stop this type of debt from ballooning out of control.

Is Hardship Assistance Right for Me?

If you are experiencing financial hardship, it’s best to seek help sooner rather than later. You may choose to contact your lenders directly about your situation and ask for assistance from services in your state. If your lender is unable to provide you with hardship relief, or if you are uncomfortable doing this yourself, your best step is to consult with financial relief specialists. Accredited Debt Relief has helped individuals throughout the U.S. with their unique financial situations. Contact us today for a free, no obligation consultation.