Citibank is offering its customers financial programs and solutions to help improve their situation. This includes debt management plans to help them better manage their debt. Individuals who are struggling to pay their credit card debt are being offered resources to help them.
Citi will help a lot of its credit card account holders. This support is allowing them to repay and manage their credit card debt. They are helping people through a variety of assistance programs, including debt management plans, forbearance, and hardship programs.
Every year, hundreds of thousands of customers enter into different types of assistance programs. It can be a DMP or another program Citi is ready and willing to help families and individuals.
Some of the benefits currently available for eligible customers include debt management plans, (DMP), work outs, temporary forbearance, settlements, interest rate reductions as well as payment incentives. This means that the bank could potentially waive certain fees and offer balance-consolidation programs to help ease the financial burden on the customer. The goal of these programs is to help people pay off their unpaid bills and credit card loans more quickly.
Details on the Citi debt management plans
Citi is one of the many credit card companies that has agreed to provide additional relief to consumers who may be struggling to repay their debts. The National Foundation for Credit Counseling (NFCC) offers debt management plans (DMP) to help people get out of debt.
They have partnered with other credit card issuers and the NFCC, in a program called “Call to Action” to help improve credit card practices and make them more transparent. The companies are working together to provide solutions to families. The Call to Action program is a resource that provides lenders with modifications to card holders’ accounts. These modifications include a more affordable “standard” debt management plan, as well as a “hardship” plan for consumers who wish to avoid a bankruptcy filing. This means that they are not able to make the necessary monthly payments to their creditors that are required under a DMP.
There are a few key differences between these two plans as follows. The goal of the programs is to help consumers save money each month, have money set aside for emergencies, and get out of debt.
If you have a credit card with a balance of $2000, under a Standard DMP you would be required to pay at least $40 per month. Most debt management plans have an interest rate of 3% or so. You can save a lot of money over time if you use a reusable water bottle instead of buying bottled water.
This is a debt management plan for people who are going through a tough time financially. This could be because of an emergency, illness, job loss, or any other challenging situation. This means that for every $100 you borrowed, you would need to pay back $1.75.
Can I get help if I am still current on my bills?
This means that in many cases it is still possible to do what you want to do. Citibank is not only contacting and reaching out to customers who are current on their accounts, but also to those who may be showing signs of financial stress. Some people may need help to stay current with their bills and may need a little extra assistance to repay their outstanding balances.
The company is helping these customers by using different programs to pay off their debt, such as matching payments, which will reduce the customer’s balance. The type of assistance given to customers varies depending on their personal circumstances, financial situation, and how likely they are to repay the money.
Applying for DMP from Citi
For more information about Citibank, call 1-888-579-9239 or 1-800-388-2200. If you are struggling to make payments, representatives from Citibank can advise you on different programs that may be able to help, including different debt management plans.