Do you carry a Chase credit card in your wallet? As one of the “Big Four” U.S. banks, Chase is second only to Citigroup in both the number of credit cards issued and amount of outstanding balances.
As Americans continue to struggle with achieving balance in their finances, Chase is one of the participants proving a helping hand in the form of a debt management plan known as Call to Action. Here is an overview of the program’s main elements. Could this be the answer to gaining control of your credit card use? If you want legal help to settle credit card debt with Chase bank, you can contact me for a free debt consultation to learn your best debt relief options.
Settle Credit Card Debt With Chase Bank
Standard and Hardship Plans
According to data provided by Chase, they have helped more than 700,000 customers achieve debt relief with debt management plans (DMPs) along with general assistance.
- Under the standard Call to Action DMP, the interest rate is lowered to 6 percent, which is a considerable reduction from the normal double-digit percentage, while monthly payments are 2 percent of the outstanding balance.
- Chase’s hardship DMP offers even more lenient terms. Interest rates can be cut as low as 2 percent, and monthly payments are only 1.75 percent of the outstanding balance.
The goal of the DMPs is to give cardholders the flexibility to manage household expenses along with credit card debt along with a chance to start building a savings account for emergencies.
Other Debt Management Options
Everyone’s situation is different, so Chase also has a number of other options to help customers get relief from debt with a solution that best meets their needs. Some of these options include:
- Waiving late and over-limit fees
- Restructuring debt balance
- Extending the length of repayment terms
- Reducing interest rates
In exchange for concessions, the customer is expected to continue making timely payments in the agreed-upon amount.
Debt Settlement Programs
While DMPs are a way to adjust the terms of a debt to make repayment easier, a debt settlement program is generally a way to close out debt with a one-time bulk payment. Chase has settled with several customers at a final amount of 30 to 60 percent of the original debt.
Chase, like any lender, would prefer to get some amount of money rather than write off a debt completely, so you have some leverage in negotiating an settlement that’s agreeable to both sides. Although a settlement usually includes payment up front, Chase has allowed some customers to divide the settlement amount equally over a handful of payments.
If you are feeling overwhelmed with credit card debt, don’t despair. Chase and other lenders are willing to work with you on a solution that gives you some breathing room. If you wish to have an experienced debt relief lawyer who’s had previous success in settling Chase credit card debt to a lower amount, contact us for a free debt consultation. Feel confident you have an attorney on your side to help give you the best possible outcome when trying to lower your credit card debt with Chase bank.
Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, CA. For more information, please contact Daniel Gamez at 858-217-5051, daniel@