The Pros and Cons of Credit Card Hardship Assistance

These programs can be helpful, but they’re not without cost.

If you’re wondering how you’re going to pay your credit card bill this month, you’re not alone. Credit card debt was a huge problem for millions of Americans even before the pandemic. And now, for many people who are out of work or managing a loss of income, paying it back has gone from difficult to impossible. But things may not be quite as bad as they seem.

A number of credit card issuers are offering hardship assistance to cardholders who are struggling to pay their bills due to COVID-19 and the recession it’s caused. These programs can be a lifeline to those without income, but they’re not without their drawbacks. Here’s what you need to know before signing up for one.

Advantages of credit card hardship assistance programs

The most obvious benefit of a credit card hardship assistance program

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