At least that is what the some of the major credit card companies are stating and it appears that at least initially, they are actually implementing some actions that are indicative of the desire to assist those in need.

Last week, major credit card companies including CitiBank, Capital One, Discover and Bank of America launched a Web site and toll free number for consumers who are flirting with high balances and uncontrollable credit card debt. The campaign, entitled, “Help With My Credit”  comes as the companies deal with mounting losses from defaults on credit card payments. Here’s an excerpt from the website:

These are tough financial times for millions of Americans. That’s why some of the country’s major banks and electronic payments networks have come together to create Help With My Credit, providing information and resources to assist and educate customers struggling to make their credit card payments.

If you’re struggling to make your credit card payments, we’re here to help.

According to a spokesman for the campaign, “We want to make sure people understand the assistance and options that are available”. Those who contact the toll-free assistance line (866-941-1030) will be able to choose between two options. They can choose to be transferred directly to a customer service representative at their card issuer, thereby connecting callers immediately with the right “real” person, and eliminating all the transfers and phone menu malarky that we are all so familiar with.

For more complicated cases involving multiple credit cards, callers will be referred to local accredited credit counselors.

Contingent on the individual’s situation and the bank, callers might be able to negotiate lower fees, extended payment plans or other agreements.  Such options already exist, but the Help With My Credit campaign is intended make more consumers aware of them, according to a campaign spokesman.

Given that credit card charge-offs are projected to surpass 8% in the latter part of this year,working out payment plans might be increasingly attractive to both card holders and issuers as the recession deepens and Americans struggle to get by.

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