Can the PNC Bank Hardship Program Help With Credit Card Debt?
A financial setback can make your regular PNC credit card payment difficult. Fortunately, PNC publishes several hardship options for eligible consumer credit card accounts.
However, assistance from PNC only addresses that creditor. If you also owe other credit cards, a Debt Management Program may provide a broader solution.
Free initial consultation • No new loan • No obligation to enroll
How to Apply for the PNC Bank Hardship Program
PNC encourages customers to act when unexpected events affect their payments. Therefore, contacting the bank early may give you more options.
Consumer credit card customers can start through PNC's hardship application. In addition, PNC provides a dedicated hardship assistance number at 1-800-544-3623.
Because eligibility depends on your situation, PNC reviews available options after receiving your information. Customers in active bankruptcy may face additional restrictions.
PNC Bank Hardship Program: One-Month Payment Suspension
One possible option is a one-month minimum-payment suspension. Under PNC's published terms, the current minimum payment can drop to $0 for that month.
However, interest continues to accrue during the suspension. PNC states that it will not charge fees related to the scheduled nonpayment.
Your credit reporting depends on the account's status when you request the suspension. Therefore, consider contacting PNC before the account falls further behind.
How the PNC Six-Month Hardship Program Works
PNC also publishes a six-month program for eligible consumer credit card accounts. During the program, the account remains open.
However, PNC suspends access to cash advances, overdraft protection and checks. The bank also adjusts payments to a fixed percentage of the balance.
In addition, PNC reduces applicable APRs during the program. After three qualifying payments within four months, PNC says it will bring the account current.
Reduced APR
PNC states that APRs decrease under its six-month program.
Adjusted Payment
Payments use a fixed percentage of the account balance.
Limited Account Access
Cash advances and certain account features become unavailable.
PNC Bank Hardship Program: The 60-Month Option
Consumers who need longer-term help may qualify for PNC's 60-month program. Under its published terms, PNC permanently closes the account.
In return, PNC reduces the APR. Furthermore, completing every required payment should pay off the account by the program's end.
Any unused rewards points are forfeited. Therefore, review your rewards before entering the program.
Questions to Ask Before Accepting PNC Hardship Assistance
A lower payment can provide relief. However, you should understand the full agreement before accepting a hardship option.
Ask About the Payment
- What will my monthly payment be?
- When does the new payment start?
- How long does the arrangement last?
- What happens if I miss a payment?
Ask About the Account
- What APR will apply?
- Will PNC close or restrict the card?
- Will fees continue?
- How will PNC report the account?
Does the PNC Bank Hardship Program Include Settlement?
PNC lists settlement as another possible option for eligible consumer credit card accounts. For example, PNC may accept a lump sum or fixed monthly payments.
The settlement amount may be less than the total balance owed. However, eligibility depends on the individual account.
Settlement differs significantly from nonprofit debt management. Therefore, compare the consequences and repayment structure before deciding which approach fits your situation.
When the PNC Bank Hardship Program May Not Be Enough
PNC's programs can address a PNC credit card. However, they do not automatically change payments owed to your other creditors.
For example, you may also owe Chase, Citi, Capital One, Discover or Synchrony. Separate hardship agreements can create several different payment schedules.
Consequently, consumers with multiple cards may benefit from reviewing all debts together. Nonprofit credit counseling provides that broader financial review.
PNC Bank Hardship Program vs. a Debt Management Program
Both strategies can address payment pressure. However, they solve different problems.
PNC hardship assistance focuses on your PNC account. A Debt Management Program can potentially include several qualifying unsecured creditors.
In addition, a nonprofit counselor reviews your household budget. Therefore, you can compare repayment options using your complete financial picture.
| Feature | PNC Hardship Assistance | Debt Management Program |
|---|---|---|
| Primary focus | Your PNC account | Multiple qualifying unsecured debts |
| New loan? | No | No |
| Reduced APR possible? | Yes, under certain published PNC options | Depends on participating creditor guidelines |
| Account closure | Depends on the selected PNC option | Enrolled revolving accounts generally close |
| Multiple creditors | No | Potentially yes |
| Budget counseling | Not the primary purpose | Part of nonprofit credit counseling |
How a Debt Management Program Can Help With Other Creditors
A Debt Management Program does not replace your debts with a new loan. Instead, it organizes eligible accounts into a structured repayment plan.
Participating creditors may offer reduced interest rates or other concessions. As a result, the program may reduce overall payment pressure.
You generally make one scheduled payment to the credit counseling agency. The agency then sends the appropriate funds to your participating creditors.
Three Ways to Address PNC Credit Card Debt
Use PNC Hardship Assistance
This approach may fit when the PNC account creates most of your payment difficulty.
Continue Paying Independently
If your budget supports larger payments, you may prefer an accelerated payoff strategy.
Consider a Debt Management Program
This option may fit better when several credit cards create ongoing financial pressure.
Estimate a Debt Management Program Payment
A PNC hardship payment may look attractive by itself. However, your combined monthly debt payments matter more to your household budget.
Therefore, compare your PNC account with every other credit card you owe. DebtWave's calculator can provide an estimated DMP payment.
Have Debt With More Than One Creditor?
Compare your current payments with an estimated Debt Management Program before choosing your next step.
Get Help Comparing the PNC Bank Hardship Program
DebtWave Credit Counseling, Inc. is a 501(c)(3) nonprofit organization. In addition, DebtWave has helped consumers with credit counseling since 2001.
Our counselors can review your PNC balance and other unsecured debts. Furthermore, they will consider your income and household expenses.
You can then compare your available repayment options. However, speaking with a counselor does not require you to enroll in a DMP.
PNC Bank Hardship Program FAQs
PNC publishes more credit card hardship details than many creditors. Therefore, consumers can review several possible options before applying.
Does PNC Bank have a hardship program for credit cards?
Yes. PNC publishes hardship assistance options for eligible consumer credit card accounts. For example, available options may include payment suspension or longer repayment programs. Eligibility depends on your account and circumstances.
What number do I call for PNC credit card hardship assistance?
PNC currently lists 1-800-544-3623 for consumer credit card hardship assistance. Therefore, use that number for questions about your eligibility and available options.
How do I apply for PNC hardship assistance?
PNC directs consumer credit card customers to its online Hardship Application. After you submit the application, PNC can review the options available for your circumstances.
Should I contact PNC before missing a payment?
Acting early may give you more time to review your options. In addition, PNC warns that failing to act could negatively affect your credit.
PNC Hardship Payments, APRs and Account Status
Can PNC suspend my minimum credit card payment?
PNC lists a possible one-month minimum-payment suspension. Under this option, the current payment due can fall to $0. However, interest continues to accrue.
Can the PNC Bank Hardship Program reduce my APR?
Yes, certain published PNC options include reduced APRs. For example, PNC lists APR reductions under its six-month and 60-month programs.
Will PNC close my credit card?
The answer depends on the program. PNC says the six-month program keeps the account open. However, the 60-month program permanently closes it.
Does PNC offer a 60-month hardship program?
PNC currently lists a 60-month option for eligible consumer credit card accounts. The program reduces APRs and permanently closes the account.
PNC Bank Hardship Program and Debt Management FAQs
Can a PNC credit card go on a Debt Management Program?
Credit card participation depends on current creditor guidelines and the individual account. Therefore, a credit counselor should review your PNC account before estimating DMP terms.
Is PNC hardship assistance better than a Debt Management Program?
That depends on your overall debt picture. For example, direct PNC assistance may work well when one account causes the problem. A DMP may make more sense when several cards strain your budget.
Does a Debt Management Program forgive PNC debt?
Generally, no. Instead, a traditional DMP focuses on repaying enrolled principal under structured creditor terms. That approach differs from debt settlement.
Do I need a consolidation loan for a DMP?
No. A traditional Debt Management Program does not require new borrowing. Instead, you repay eligible debts through the credit counseling agency.
Look Beyond the PNC Bank Hardship Program
PNC offers several useful hardship options. However, the right choice depends on whether PNC is your only problem account.
If several credit cards strain your budget, compare them together. Therefore, a free nonprofit credit counseling session may provide a clearer path forward.