Everything You Need to Know About The Kohls Credit Card Hardship Program

Perhaps you recently missed a payment on your Kohl's Credit Card? Or your minimum payments aren't making a dent to your principal balance? If you feel like you are running on a treadmill with your debt, then maybe it's time to look into the Kohls Credit Card Hardship Program.

What are your options to pay back your Kohls credit card debt?

If you find yourself with an overwhelming amount of credit card debt, the Kohls credit card 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. And chances are neither your formal education nor your parents prepared you on how to handle this situation.

With the average interest rate of department store cards currently hovering around 30%, paying off this debt on your own presents a great challenge.

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 and use debit cards instead. Revisit this budget periodically and make revisions. Increase income. And decrease expenses.

Kohls Credit Card Hardship Program

If you find yourself struggling with retail store and/or credit card debt, the Kohls credit card hardship program can provide relief. To find out if you qualify, contact Kohl's (Capital One) directly.  Provide as many details as possible about your financial situation. Be prepared to provide them with your monthly income and a list of detailed expenses. Telling them that you are simply looking for a lower payment so you can travel abroad probably won’t work. You must have a significant hardship reason. Without a doubt, job loss or medical emergency are prime examples.

Any concessions granted by Kohl's will likely be temporary. A reduced interest rate will usually last less than 12 months. 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.

Reddit User finds success with Kohls Credit Card Hardship Program

A Reddit user describes their success with a hardship program with their Capital One credit card. Luckily for them, their monthly payment decreased from $176 to $96. And their APR dropped from 27% to 7.9%.

If you have no luck getting concessions with Kohl's, credit counseling is a great option. Kohl's works very well with these nonprofit organizations. They reduce interest rates drastically. 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 Kohls Credit Card Hardship Program clients for nearly a decade

DebtWave has worked with various credit card accounts, including Kohl's, since 2002 helping clients pay off debt at lower interest rates. Most clients add other credit cards to their plan such as Chase, Nordstrom and Target 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 15 year period (2010 through 2024) which they enrolled 2,916 Kohl's accounts onto their program. As a result, they discovered that 2,202 clients successfully paid their balance in full.  And 92 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. First, create your own plan. Next, lower your interest rates. High interest rates (25-30% APR) on credit cards make it challenging. This would require you to significantly increase your minimum payments (at least 2x) 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.