Most credit card companies have hardship programs. On a hardship plan, banks will temporarily lower your interest rate and sometimes lower your payments for about 3-12 months to help you get back on track. Your financial hardship must be compelling to qualify for the benefits. Some creditors may reduce your credit limit or close your account when you are placed on their hardship plan.

Individuals who have recently had 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. Be sure to have your detailed budget complete and available to share with your creditor.

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

Most credit card companies do not have a formal forgiveness or settlement program. In order for a creditor to forgive a portion of your debt, you would need to be severely delinquent. Usually more than 6 months behind where your credit is ruined. At that point, most creditors would be willing to receive a lump payment of 40-60% of the balance and forgive the remaining balance. However, the amount forgiven would typically be considered taxable income by the IRS.