If you have been paying attention to recent news reports you are probably aware of the battle between credit card companies and government attempts to regulate billing practices. While many card issuers are turning up the heat on credit card holders others have decided to take a more pro-active approach to help consumers struggling to keep their accounts in good standing.

Capital One has offered card holders a hardship program to make managing their account easier and prevent additional delinquencies or defaults. These offers are delivered right to consumer mailboxes so don't be afraid to open the latest correspondence from Capital One or other creditors. Here are a few of the options currently being offered to card holders.

Help Bringing Your Account To Current Status- Anyone who has ever fallen behind on credit card payments knows how difficult it can be to catch up. Once you have missed one payment or more, your balance quickly grows as penalties and fees are applied. If you are experiencing a financial hardship you may qualify for the offer of making one minimum payment which will then bring your account to “current” status. This simple gesture can make a world of difference for someone trying to keep their account in good standing.

Suspended Fees- Some consumers will receive a letter notifying them that the past due fee for the current month will be suspended (if they have are three payments behind). If you contact the card company requesting additional assistance you may qualify for the hardship program. This woul
d result in two additional months of past due fees being suspended (if you make three additional monthly payments). Successful participation in the program can result in your accounts being reinstated as current.

Negotiate A Lower Monthly Payment- Many consumers would prefer to make their minimum payment yet find they are unable to afford that payment in the current economic climate. Acknowledging this fact, some creditors are willing to negotiate a smaller minimum payment that consumers can better afford. Call your creditor and ask if your payment can be lowered to help keep up your end of the financial obligation.

Only Those That Qualify Need Apply- Financial hardship programs are designed with consumers who are experiencing a real financial hardship in mind. If you are able to make your credit card payments and are simply looking for a way to reduce your payments, this program is not for you. In fact, card holders who have the assets or resources to make their payments in a timely manner should avoid trying to utilize this program. If you are “caught” you will find negative actions taken on your account.

What can you do if you haven't received one of these letters or if you do not have a Capital One account? The most important thing a cash strapped consumer can do is contact their creditor(s) to let them know they are experiencing difficulty maintaining their account. Not only is this the responsible action to take, it may also result in your creditor offering ways to help you keep your account on track. Different creditors may have different offers or programs available so be sure to contact all of your creditors to see what help is available.