Famous actors like Jennifer Gardner and Samuel L. Jackson have been asking us for years "What's in your wallet?". Millions of Americans can answer this by saying "a Capital One credit card". Whether it's the Venture Rewards Card, the SavorOne Rewards Card or the Quicksilver Cash Rewards Card, many Capital One customers carry a significant balance every month. As last reported 2023 by the Nilson Report, Capital One customers have a total credit card debt load of $135 billion.
Founded in 1994, Capital One has climbed its way into the top five credit card issuers by outstanding debt according to WalletHub. Chase, American Express, Citibank, Capital One and Bank of America collectively control more than 50% of the existing credit card market. Capital One ranks as the 4th largest just behind Citibank.
Capital One Credit Card Hardship Programs
If you find yourself struggling to make the minimum payments on your credit card, hardship programs can help. Contact Capital One directly and ask if they have a hardship program for you. Provide as much detail as possible about your personal hardship. Telling them that you are looking for a lower interest rate and payments won’t suffice. You must have a compelling hardship such as a decrease in income or medical emergency to qualify.
Any concessions granted by Capital One will likely be temporary. A lower interest rate might last only 6-12 months. Take advantage of that time and attack your debt with extra payments. Keep in mind, your credit limit may be reduced and your card may be closed. But if you are struggling with credit card debt, preventing any further charges probably helps.
If you have no luck getting concessions or want more long term benefits, credit counseling is your best option. Capital One works very well with nonprofit organizations. They offer their clients interest rates usually below 10%. Payments typically get lowered as well. Your credit card will be closed on their debt management program. This can be viewed as a good thing for some as the temptation to continue using the card is eliminated.
DebtWave has been helping Capital One clients for more than 20 years
DebtWave has worked with Capital One since 2002 helping clients pay off debt at lower interest rates. Most clients add other credit cards to their plan such as Comenity Bank and Credit One accounts. Clients make payments to DebtWave via ACH either monthly, semi-monthly, weekly or biweekly. And then DebtWave disburses payments to their creditors. Most clients complete their program and become debt free in less than 5 years. DebtWave has a 68% successful completion rate.
DebtWave conducted a study during a fifteen year period (2010 through 2024). During this time we enrolled 28,003 Capital One accounts onto our program. We discovered that 17,803 account were successfully paid in full. And more than 1,900 clients are still actively paying down their debt.
Here are some additional stats from the study:
The Dream of Getting Out of Debt on Your Own is Possible
Paying back your credit card debt seems like an daunting task. But it has proven to be achievable by thousands of DebtWave clients. If you would rather tackle the debt on your own, it can be achieved. Create your own plan. The first step is lower interest rates. High interest rates (25-30% APR) on credit cards makes it very difficult. This would require you to double or triple your minimum payments to make progress.
If you have your rates reduced to less than 10%, then use a payoff calculator or google spreadsheet to create a plan. Stay motivated and refrain from using cards again. Build an iron clad budget. Include all expenses and income sources. Then stick to the budget. Decrease expenses. Increase Income. Seek credit counseling if necessary.