It’s no surprise that the top five credit card issuers in the market are Chase, American Express, Citibank, Capital One and Bank of America, according to WalletHub. This fab five collectively control more than 50% of the existing credit card market. And sitting on top of the throne since 2014 is Chase Bank.
As last reported in 2023, JPMorgan Chase’s customers have more than $200 billion in credit card debt. American Express trails them by about $60 billion followed by Citibank just $10 billion behind Amex.
Chase Credit Card Hardship Programs
If you find yourself struggling in debt, hardship programs help. Contact Chase directly and let them know your situation. Provide as much detail as possible about your financial struggles. Telling them that you are looking for a lower interest rate and payments won’t suffice. You must have a compelling hardship such as job loss or medical emergency to qualify.
Any concessions granted by Chase will likely be temporary. A lower interest rate might last just 6-12 months. Take advantage of that time and attack your debt with extra payment
If you have no luck negotiating, credit counseling might be your next best option. Chase works very well with nonprofit organizations offering their clients interest rates ranging from 0-10%. 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 Chase clients for more than 20 years
DebtWave has worked with Chase since 2002 helping pay off thousands accounts in full. Most clients have other credit cards on their plan like Bank of America and Capital 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) which they enrolled 16,017 Chase accounts onto their program. They discovered that more than 10,000 successfully paid their balance in full. And nearly 2,000 clients are still actively paying down their debt.
The Dream of Getting Out of Debt on Your Own is Possible
Paying back your credit card debt seems like a 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. Find ways to increase income and reduce expenses. Stay motivated and refrain from using cards again. Build an iron clad budget that accounts for all expenses.