How to Apply for a Debt Reduction With a Discover Credit Card
A high balance on a Discover card can create financial hardship. If circumstances have changed and you're having trouble meeting your payment, contact a Consumer Credit Counseling Agency for help. Though Discover doesn't give specific endorsement to any one CCCA, it does recommend working with reputable groups on its website. These organizations can work with Discover to create a debt reduction plan that will allow you to pay your balance without being buried in fees.
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Instructions
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Obtain a copy of your current credit card statement by mail or by logging in to the Discover user website. You also should have a copy of any recurring bills, financial obligations, paychecks and other assets.
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Contact a CCCA representative. Discover's website mentions both The National Foundation for Credit Counseling and The Association of Independent Consumer Credit Counseling. Call the first at 800-388-2227 and the second at 866-703-8787.
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Tell the representative that you want to enter into a debt reduction program with your Discover card. He will discuss the terms, benefits and responsibilities of the plan. You can select a plan that works for you. The representative will help you choose a plan based on your financial information. Once the plan is agreed upon, the CCCA will contact Discover and obtain their agreement.
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Call Discover at 800-347-2683 to confirm that your debt reduction payment plan has gone through. You shouldn't miss payments while the plan is being confirmed since this can negatively impact your credit.
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Tips & Warnings
Never agree to a debt reduction plan if you can't fulfill its terms.
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