Discover Card hardship program
Date: Thu, 01/24/2013 - 16:10
My son made an agreement with Discover Card to accept their hardship program, which would reduce his debt by 40%, at an interest rate of .99%. It is a 5 year program. They will send him a written agreement for these terms. My question is: can he trust them to abide by this agreement, or can they still raise interest rates at will, which would put him in the same financial boat or worse. Or will they abide by their agreement ---can he trust them?
Discover is generally good
Discover is generally good about honoring these agreements. I have seen one or two instances that went sideways, but if your son makes all payments on time he should be fine.
With the agreement in writing, and his ability to document all payments were made on time, should Discover not honor the arrangement, there are options to pursue. Post an update to this thread if something goes off the rails.
discover program
they will keep the program as long as he pays as agreed -- it is in their interest to keep the agreement so eventually they will be paid in full
