Most credit card companies and personal loan companies have an internal hardship program. On a hardship plan, lenders like Best Egg will temporarily lower your interest rate for about 3-12 months. Sometimes, they may lower your payment as well. Obviously, your financial hardship must be compelling to qualify for the benefits.

Best Egg might be able to lower your payment if you qualify for their hardship program. Credit Counseling (Debt Management Program) has had great success with lower payments with Best Egg as well. A recent study shows that DebtWave Credit Counseling, Inc. lowered the average client's payment from $400 to $243. The average interest rate obtained during this 9 year period was 6.46%.

You must have a legitimate financial setback such as loss of income, job loss, medical emergency or a major increased expense. Credit card companies will likely ask details about other expenses such as rent, food and utilities. In this case, be sure to have your budget detailed and available to share.

Simply telling them you need lower interest rates and payments likely won't help you qualify. Therefore, be prepared before calling them.

Best Egg does not perform credit counseling in-house. However, Best Egg works with various nonprofit credit counseling organizations like DebtWave. They offer concessions to these agencies' clients such as lower interest rates and lower payments. In most cases, clients combine their Best Egg account with other credit cards to pay off all their debt.