Can the Truist Bank Hardship Program Help With Credit Card Payments?
Financial setbacks can make a regular credit card payment difficult. Fortunately, Truist offers payment-relief options for qualifying credit card accounts.
However, help with one Truist account may not solve a larger debt problem. If you have other cards, nonprofit credit counseling may offer a broader solution.
Free initial consultation • No new loan • No obligation to enroll
How to Request a Truist Bank Hardship Program
Truist allows eligible credit card customers to request payment relief through online banking. Therefore, you can begin without waiting for a branch appointment.
Sign in, select the account, choose More, and then select Payment Relief. In addition, personal credit card customers can call 800-289-6385.
Because eligibility varies, Truist reviews each situation individually. Be ready to explain the financial event that caused your payment difficulty.
How Short-Term Truist Credit Card Payment Relief Works
Truist says qualifying borrowers may temporarily suspend payments during short-term financial difficulty. Generally, short-term relief lasts no more than 90 days.
For example, a temporary income reduction or unexpected one-time expense may create a need for relief. However, eligibility requirements still apply.
Short-term assistance can provide breathing room. Therefore, ask what happens to interest, fees and the required payment after relief ends.
Prepare for a Truist Bank Hardship Program Request
A little preparation can make the hardship review easier. Therefore, calculate what you can realistically afford before requesting assistance.
Next, review your monthly income and essential expenses. Because your budget matters, avoid accepting a payment that creates another shortfall.
Information to Have Ready
- Your current Truist payment
- Your monthly household income
- Your essential living expenses
- The reason for your financial hardship
Questions to Ask Truist
- How long will relief last?
- Will interest continue?
- What payment comes next?
- How will the account status change?
What Happens After Short-Term Truist Payment Relief?
Short-term relief eventually ends. However, some consumers may still struggle with their regular payment.
Truist says it may offer longer-term programs for eligible credit card accounts. These programs help customers manage the outstanding balance.
If Truist approves a long-term credit card program, the card closes to future purchases. Therefore, understand that tradeoff before accepting the modification.
Long-Term Truist Bank Hardship Program Options
Truist describes long-term assistance for open-ended accounts such as credit cards. However, not every customer will qualify.
The bank generally requires some form of income. Therefore, customers often need enough income to support the modified repayment arrangement.
In addition, approved credit card accounts close to future purchases. Ask Truist to explain the payment and other terms before you agree.
Review the New Payment
Confirm exactly how much you will owe each month.
Ask About the APR
Find out whether the modification changes your interest rate.
Understand Card Closure
Approved long-term credit card assistance requires closure to future purchases.
Questions to Ask Before Accepting Truist Hardship Assistance
Payment relief can help during a difficult period. However, the details determine whether the arrangement works for your budget.
Payment Questions
- What is my new payment?
- When will it begin?
- How long will the arrangement last?
- What happens when relief ends?
Account Questions
- Will my interest rate change?
- Will any fees continue?
- Will Truist close the card?
- How will the account be reported?
When the Truist Bank Hardship Program May Not Be Enough
Truist relief may solve part of your monthly payment problem. However, it only addresses the Truist account.
For example, you may also owe Chase, Citi, Discover, Capital One or Synchrony. Separate hardship agreements can create several different due dates.
Consequently, managing every account independently may become difficult. A nonprofit credit counselor can review all eligible debts together.
Three Ways to Address Truist Credit Card Debt
Request Truist Payment Relief
This route may work well when your Truist account creates most of the problem.
Continue Paying Independently
If your budget allows it, larger monthly payments may reduce the balance faster.
Consider a Debt Management Program
However, a DMP may fit better when several eligible cards strain your budget.
Truist Bank Hardship Program vs. Debt Management Program
Both approaches may reduce payment pressure. However, they address different financial situations.
Truist hardship assistance focuses on your Truist account. By comparison, a Debt Management Program may include several qualifying creditors.
In addition, nonprofit credit counseling includes a household budget review. Therefore, you can compare solutions using your complete debt picture.
| Feature | Truist Payment Relief | Debt Management Program |
|---|---|---|
| Primary focus | Your Truist account | Multiple eligible debts |
| New loan required? | No | No |
| Short-term relief | May be available to qualifying accounts | Not the primary structure |
| Long-term repayment | May be available if eligible | Structured repayment plan |
| Multiple creditors | No | Potentially yes |
| Budget review | Not the primary purpose | Included with credit counseling |
How a Debt Management Program Can Address Other Creditors
A Debt Management Program does not replace your debts with another loan. Instead, it creates a structured repayment plan for eligible accounts.
Participating creditors may offer reduced interest rates or other concessions. As a result, a DMP may reduce overall monthly pressure.
You generally make one scheduled payment to the credit counseling agency. The agency then sends funds to your participating creditors.
Estimate a Debt Management Program Payment
A reduced Truist payment may help one account. However, your total monthly debt cost matters more to your household budget.
Therefore, compare your Truist balance with your other credit cards. DebtWave's calculator can provide an estimated DMP payment.
Have More Than One Credit Card?
Compare your current payments with an estimated Debt Management Program before choosing your next step.
Get Help Comparing the Truist Bank Hardship Program
DebtWave Credit Counseling, Inc. is a 501(c)(3) nonprofit organization. In addition, we have provided credit counseling since 2001.
A counselor can review your Truist account and other unsecured debts. Furthermore, the analysis includes income and household expenses.
You can then compare possible repayment strategies. However, speaking with a counselor does not require DMP enrollment.
Truist Bank Hardship Program FAQs
Truist publishes guidance for borrowers who experience financial hardship. Therefore, start by reviewing the relief options that apply to your account.
Does Truist have a hardship program for credit cards?
Truist offers payment-relief options for qualifying personal credit card accounts. For example, short-term payment relief may temporarily suspend required payments. Eligibility depends on the account and financial circumstances.
How do I request Truist credit card payment relief?
Sign in to Truist online banking and select the account. Then choose More and Payment Relief. Alternatively, personal credit card customers can call 800-289-6385.
How long can short-term Truist payment relief last?
Truist says short-term payment relief generally lasts no more than 90 days. However, eligibility and actual terms can vary by account.
Can I ask for relief if my account is already past due?
Truist says customers may request relief after becoming past due. However, penalties related to missed payments before relief may still apply.
Truist Credit Card Modification and Account Status FAQs
What happens when short-term payment relief ends?
Regular payments generally resume when short-term relief ends. However, customers who still need help may ask Truist about longer-term assistance.
Does Truist offer long-term credit card assistance?
Truist says longer-term programs may help eligible credit card customers manage outstanding balances. However, additional qualifications apply.
Will Truist close my card under long-term assistance?
Yes, Truist states that approved long-term programs for open-ended credit card accounts require closure to future purchases. Therefore, consider that effect before applying.
Do I need income to qualify for long-term relief?
Truist generally requires some form of income for its longer-term programs. However, having income does not guarantee approval.
Truist Bank Hardship Program and Debt Management FAQs
Can a Truist credit card go on a Debt Management Program?
Participation depends on current creditor guidelines and the individual account. Therefore, a credit counselor should review your Truist debt before estimating DMP terms.
Is Truist payment relief better than a Debt Management Program?
The answer depends on your overall debt picture. For example, direct relief may work when Truist causes most of the problem. A DMP may fit better when several cards strain your budget.
Does a Debt Management Program forgive Truist debt?
Generally, no. Instead, a traditional DMP focuses on repaying enrolled principal under structured creditor terms.
Is a Debt Management Program another loan?
No. A traditional DMP does not require new borrowing. Instead, the credit counseling agency helps administer payments to participating creditors.
Look Beyond One Truist Credit Card Payment
Truist payment relief can help during financial hardship. However, it may not solve problems with several other credit cards.
Therefore, review your entire debt picture before choosing a strategy. A DebtWave counselor can help you compare the available options.