Many families are struggling financially in today’s economy. Millions of people are struggling financially because of high unemployment and increasing interest rates on credit cards and mortgages. Fifth Third Bank is committed to helping as many people as possible by offering a variety of hardship programs.
Many people are struggling to stay on top of their regular expenses, credit card and loan payments, and other financial commitments. They are falling behind and finding it difficult to keep up. There are always options available to you, and ways to get help if you need it. Fifth Third Bank is committed to helping you manage your credit card debt by offering hardship programs and other payment plans.
Credit card assistance
This means that for the next 60 months, your credit card interest rate will be fixed at 8%. This means that if you make your first payment on time, you will not be charged for going over your limit or for paying late. If you’re having trouble making your minimum monthly payment, the credit card company may be willing to work with you. They may lower your minimum payment, as long as it’s still equal to 1/60 of your current balance.
A temporary plan to reduce your interest rate. The credit card’s interest rate will be lowered to a variable interest rate of Prime +2% for a total of twelve months. This plan will also suspend both any fees for exceeding the limit and any late fees upon receipt of the first payment after the customer enters the plan. The minimum monthly payments will be set up to be equivalent to a fixed amount of 2% of the outstanding balance for a period of time of up to twelve (12) months. This means that if you have a balance of $1000, your minimum payment will be $20 per month.
Other loans
The same type of loan modification and repayment plans described above for credit cards can also be used for car loans, boat loans, and RV loans. There are other programs that may help customers with these types of loans. If you are struggling to make payments on your loans from Fifth Third Bank, you can contact the bank for more information on assistance programs.
The last option available to struggling homeowners is to modify the terms of their mortgage. This will lower their monthly payments and make it more affordable over the long term. They may be willing to change the payment amount, length of the loan, or interest rate in order to help you keep your home.
If you have any questions or would like to apply for any of the hardship programs offered by Fifth Third, please call 1-866-601-6391.