
The five largest credit card issuers by outstanding debt are Chase, American Express, Citibank, Capital One and Bank of America , according to WalletHub. These five financial institutions collectively control more than 50% of the existing credit card market. And sitting in third place behind Chase and American Express is Citibank (Citigroup). Through its Citi-branded cards, Citigroup has a massive customer base and substantial credit card debt issuance, especially in North America and internationally.
As last reported 2023 by the Nilson Report, Citibank clients have a total credit card debt load of $150 billion. They trail American Express by just $10 billion and Chase by $60 billion.
Citibank Credit Card Hardship Programs
If you find yourself struggling with credit card debt, hardship programs can help. Contact Citibank directly and let them know your financial situation. Provide as much detail as possible about your personal hardship. Tell 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 Citibank 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.
If you have no luck getting concessions or want a more long term benefits, credit counseling is your next best option. Citibank 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 Citibank clients for more than 20 years
DebtWave has worked with Citi since 2002 helping clients pay off debt at lower interest rates. Most clients add other credit cards to their plan such as Chase and Discover 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 they enrolled 18,925 Citi accounts onto their program. They discovered that 12,831 successfully paid their balance in full. And more than 1,500 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 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. 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.
Accordions
Citibank does not perform credit counseling in-house. Citi works with various nonprofit credit counseling organizations. They offer concessions to these agencies' clients such as lower interest rates and lower payments. In most cases, clients combine their Citibank credit cards with other credit cards to pay off all their debt.
Most credit card companies do not have a formal forgiveness 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. 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.
Yes. Most credit card companies have a hardship program. Banks will temporarily lower your interest rate for about 6-12 months to help you get back on track. Sometimes, they may lower your payment as well. Your financial hardship must be compelling to merit the benefits.
There is no documented information about a Debt Relief Program thru Citibank or whether or not they will negotiate debt. However, they do offer an internal hardship program. And Citibank also works with credit counseling agencies to lower your interest rate and payments. Make sure these agencies are nonprofit.