Home Depot Financial Hardship Program
Home ownership most certainly has its rewards. Annual growth in real estate increases roughly 3-5% on average. Unlike renting, you don’t have to worry about annual rent increases. Instead, the mortgage payment remains the same despite inflation. And you don’t have to worry about the landlord evicting you. But the biggest headache of homeownership is all the repairs and maintenance.
Purchasing a new house for the first time is an exciting time for most people. But most of us don’t realize how much we will spend on maintenance and repairs each month. The average homeowner spends between $2,300 and $6,000 per year. Though actual costs vary widely depending on house value, age and location.
Shopping at a Home Depot Near You
Most people in the U.S. shop for home repair items at a mix of big-box retailers, hardware chains, and online stores. With more than 2,000 stores in the country, Home Depot stands as the #1 home improvement retailer. And if you’ve been to a Home Depot recently, you will notice that all employees ask the same question at checkout. And that question is “Will you be using you Home Depot Credit Card today?”
Unfortunately, those that answered “Yes” may find themselves struggling with credit card debt. And with an interest rate north of 20%, the struggle to pay down your debt becomes real.
What are your options to pay back your Home Depot credit card debt?
If you find yourself with an overwhelming amount of credit card debt, a hardship program can help. Facing a large amount of credit card debt can be scary. Undoubtedly, it’s a constant reminder that we messed up. A sign that we overspent. And chances are neither your formal education nor your parents prepared you on how to handle this situation.
The first thing that must be done is putting a stop to overspending. Each time we use a credit card we are likely purchasing something we can’t afford. Create a detailed budget instead. Outline all income and all expenses. Revisit this budget periodically and make revisions. Increase income. And decrease expenses.
Home Depot Hardship Program for Credit Card Debt
If you find yourself struggling with retail store and/or credit card debt, hardship programs can help. To find out if you qualify, contact Home Depot directly. Provide as many details as possible about your financial situation. Be prepared to provide them with your monthly income and expenses. Telling them that you are simply looking for a lower interest rate and payments probably won’t work. On the contrary, you must have a compelling hardship. Without a doubt, job loss or medical emergency are prime examples.
Any concessions granted by Home Depot will likely be temporary. A lower interest rate will usually last less than 12 months. With this in mind, take advantage of that time and attack your debt with extra payments. Some creditors might reduce your credit limit. Or even close your card once they approve you on their hardship plan.
If you have no luck getting concessions or want more long-term benefits, credit counseling is a great option. Home Depot works very well with these nonprofit organizations. They reduce interest rates substantially. Payments typically get lowered as well. Your credit card will be closed on their debt management program. This can be a good thing as the temptation to continue using the card is eliminated.
DebtWave has been helping Home Depot clients for nearly a decade
DebtWave has worked with various credit card accounts, including Home Depot, since 2002 helping clients pay off debt at lower interest rates. Most clients add other credit cards to their plan such as American Express, Chase and Lowes accounts. Clients make payments 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 Citibank 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 these clients:
The Dream of Getting Out of Debt on Your Own is Obtainable
Paying back your credit card debt seems unrealistic. 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 (24-32% APR) on credit cards make it challenging. This would require you to significantly increase your minimum payments (at least double) to make progress.
If you succeed in reducing your rates below 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.