1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Amend Debt Payment Agreement Letter

Your current financial situation does not allow you to make full payments you owe to your creditors. Unfortunate events such as loss of spouse, loss of job, disability, or divorce force you to not be able to keep up with your monthly payments. In this scenario, it is best to contact your creditors right away and inform them of your situation. Thus, use this letter to request for a reduction in monthly payments due to financial hardship.

Click here to get an MS Word format version of this letter. A .doc file will open up and save it to your Desktop. This way you can easily retrieve the file.

Attention: Instead of filling out this paperwork yourself, let us do it for you for free. We are a non profit nationwide credit counseling agency that is here to help. Because of our long term history negotiating with credit card companies, we are able to get our clients the best rates possible and lowest monthly payments.

Call us today at 1-877-884-0880, or fill out the form above.

Today's Date

Your Name
Your Address
Your Phone #

Creditor's Name
Department
Creditor's Address

Re: (Your Account #)

Dear Mr/Mrs Creditor,

This letter is to inform you that my financial situation has worsened since our last debt payment agreement. Due to an unfortunate event, I have to face a huge reduction in my income and I shall not be able to keep up with our previous payment agreement dated (yyyy-mm-dd). I would therefore like to request for a new payment agreement:

Based on my current reduced income and all the other creditors I have to make payments to, I promise to pay $____ at the end of every month until my account is paid in full. Be rest assured that if my financial situation improves, I will immediately contact you and increase my monthly payments. I ask that you please send me a written confirmation of your acceptance to this agreement to my above address.

As a show of good faith, I have enclosed this month's (yyyy-mm-dd) lower payment together with this letter. I appreciate your kind understanding regarding this matter and if you have any questions/concerns, please do not hesitate to contact me at ____(your Phone #)____.

Sincerely,

(Your Signature)
(Your Printed Name)