Credit Card Hardship Letter

In the current financial times, it is quite a normal issue to face financial trouble. Many people are unable to pay their debts on time. Similarly, people are finding it hard to pay their monthly credit card bills.

If you are one of such person, it is in your best interest to write a letter to the financial institution that is offering you the credit services and discuss with them the possibility of a lower monthly payment plan and a lower APR. Also talk to them about not reporting late payments to credit bureau if you are having issues with making the payment on time.

In the first paragraph, explain your current situation and the reason why you are unable to settle your monthly installment in full or even in part. Clearly state the reasons. Make sure you use kind language.

In the next paragraph, make a request for a concession in your case and ask them to provide you with a specific amount of time where you will either pay the bill in parts, less than the minimum required payment or will not be able to pay anything what so ever. Do mention the amount of time you have had a relationship with the given financial institution and remind them of your previous timely payments.

In the third paragraph, make a humble request that you be provided time and also show your appreciation for the company for the service that it has been providing to you. Close the letter with a hope that your case will be considered with benevolence.


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    Sample of Credit Card Hardship Letter:

    Capital 10 Bank
    12345 Capital Ct,
    Somewhere, NY 12345

    RE: Hardship Letter

    I am writing you this letter to request that my current outstanding bill is $5500 and I have to pay a monthly installment of $450. However, my current financial situation, due to some unforeseen reasons has left me with no choice but to make less than a minimum monthly payment.

    There has been a marked decrease in my income over the last couple of months and the rate of interest being charged on my account is quite high. For the moment, I will be not be able to pay more than $175.

    I am also requesting you to bring my Annual Percentage Rate down from 23.3% to at least 11%. This will help me in paying more of the principal amount as most of my minimum installment is based on interest and very little is contributed to the actual amount I owe.

    I also request that my late payments are not reported to a credit union as that will substantially affect my credit score. I am attaching my pay stubs and other financial statements for you to review.

    Should you agree to this, I will be able to pay the amount by the 5th of each month from now onwards. I have requested a similar grant from my other credit card companies and wish to pay back the full amount that I owe to all. I do not wish to file bankruptcy.

    If you have any queries, feel free to send me a letter or call me at 301-000-0000

    Thank you for your consideration.


    Adam Voges
    4040 Jay Stone Dr,
    Silver Spring, MD 20905


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    Template of Credit Card Hardship Letter:

    [Credit Card Issuer’s Name]
    [Mailing address]
    [Credit card company phone number]

    The purpose of this letter is to inform [name of financial institute] that I have been jobless for X months and am unable to make my monthly payment on time or in full.

    I am expecting to be able to get a new job in X months and will be till than requesting a reduced payment installment per month.

    My current bill is $XXX and I can only make a payment of $XXX per month for the next X months.

    It is my humble request that [Name of company] considers my request with passion and allows me the requested low monthly payment.

    I have every intention of paying back the owed amount in full and need your support at this point in time. I do not wish to file for bankruptcy and your consideration will be of much help.

    I shall be looking forward to a positive reply from [name of financial institution]. If you have any queries, please feel free to call me on [phone no] or email me at [email address] or send me a letter at the address given below.

    Thank you for your consideration.


    [Your name]
    [Mailing address]
    [Phone number]
    [Credit card account number]

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