Thursday, Feb. 19
Posted 8 a.m.
How would you like some help with your credit card debt? Did you ever expect it might come from credit card issuers?
No, sorry, I'm not offering you any debt relief, but a group of credit card issuers have created a new Web site, helpwithmycredit.org, to help cardholders manage their credit.
The site is a joint effort of Bank of America, Capital One, Citi, Discover Card and MasterCard and Visa.
It launched yesterday and its aim, they say, is to help cardholders before they fall behind on their payments or help those who are already in trouble. The most prominent clickable on the home page of the site is a square that says, "Take the First Step." What is that? They suggest calling the credit card issuer directly. But as long as you're on the site, you can click on the link there and begin answering a series of questions about your debt situation.
What you'll quickly discover is that this is ONLY for credit card debt. If you answer that you have other kinds of debt -- car loans, mortgage -- or multiple lenders, then the site advises you to seek credit counseling, with links to the National Foundation for Credit Counseling and the Association of Independent Consumer Credit Counseling Agencies.
If you need help with your credit card issuer, the site provides a toll-free number for the issuer. According to a press release about Help With My Credit:
The operators at the toll-free number will not provide credit counseling or collect any personally identifiable financial information from callers, but rather will inform consumers about resources available from the participating issuing banks, accredited credit counselors, and HelpWithMyCredit.org. For callers who do not have access to the Internet, a consumer brochure with useful tips and information will be provided on request.
Other resources are a credit card payment calculator, which is similar to one of the many calculators Bankrate offers. And there are links to government resources like the Treasury Department and the FDIC.
The third section is the "Learning Center," which offers tips for managing your credit cards, and guides to understanding terms and conditions, credit scores and credit card statements.
So I'm happy to say that there really isn't anything at this site that will help you more than reading Bankrate. My cynical side says this Web site was created to show how compassionate the card issuers are -- but when we know they are slashing credit limits, cancelling cards, instituting monthly account fees and raising APRs into double digits, I don't feel the love.
Many readers have written to me saying they want to pay their debt, and they just need a break in the interest rate to keep the payments manageable. I wish the card issuers would get together on that.
Comments? Questions? E-mail us at Plastic_Rap@Bankrate.com.