Don't Look To Citibank Credit Counseling For Help!
Many people face the prospect of foreclosure because they can’t pay their mortgage. However, before they get to this point, they generally max out their credit cards in an attempt to keep paying their bills, buy food and even pay their mortgage. With credit card fees and high interest rates, it can be impossible to even pay the minimum amount on the debt each month. If you have a Citibank credit card, for some time you could have participated in their Citibank Credit Counseling program. Unfortunately, this is a program that is now the thing of the past. The Citibank Credit Counseling program wasn't a program where you would go to Citibank and get credit card counseling services. Instead, this program, which was called the Credit Counseling Call to Action program, allowed more flexibility for settlement offers, reduced interest rates and reduced payments for people who were using a consumer credit counseling service to help pay off their debt. Citibank had certain criteria that they expected each cardholder applying for this program to meet, but once they did, they were able to pay off their debt in a way that allowed them to prevent their credit score from going out the window. The Citibank Credit Counseling program was available until January 2011 when they unexpectedly made an announcement that they were closing the program. They cited the fact that credit counseling services had too many stipulations that prevented Citibank from being repaid in a timely manner. They also implied that the resources for keeping this program was too costly based on the currently economic climate.
The good news is that if you are already a cardholder that has been accepted into this program, nothing will change for you. While this may seem like something nice from Citibank, the truth is that when they agreed to your repayment program, they were entering into a contract for repayment. In America, they could easily be sued if they were to cancel all participation in this program. If you are someone who were in the process of negotiating a repayment plan with Citibank, unfortunately, you will be denied. This isn't because you don’t meet the qualifications, it is simply because the Citibank Credit Counseling services are no longer available. |
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