YOU Can Negotiate Credit Card Debt

Do you wake up feeling overwhelmed by credit card debt? Are you struggling each month and barely making your minimum payments? The economic crisis has left no one untouched and everybody reeling. If you are scared, confused, and need relief from credit debt worries, it is time for YOU to take control and start looking to negotiate credit card debt.

Here are four ways to negotiate credit card debt with your creditors:

1. Ask for a lower interest rate.

2. Request for late-payment, over limit, cash-advance, and annual fees to be waived.

3. Set up a longer payment plan.

4. Offer an account settlement of 25% of balance owed. (There are two disadvantages to settling your credit card debt, though. First of all, your creditors expect you to have the money ready to make your lump payment immediately. Secondly, the amount of your forgiven debt is treated as regular income, and you will have to pay tax on it.)

Running away from creditors is not the answer. Instead, you should contact your creditors immediately to reach a workable solution. Creditors want their money back and are often willing to be flexible as long as they feel you are sincere and committed to re-paying. There are many credit card debt resources available to help educate you in the negotiation process and build the confidence you need to negotiate credit card debt. The key to being successful is to come prepared and not back down.

Positive results and better terms may include lower interest rates, a longer time to re-pay, payment suspension for a time, and/or various fees waived that have been charged to your account, especially the late payment fees. Depending on your financial situation, you might also be able to reach a settlement. Every attempt to negotiate credit card debt should be made, because a personal bankruptcy stays on your financial information record for the next ten years and can often make buying a house, getting additional credit, and possibly even getting a job very difficult. It may be a faster way to address your debt, but it should only be used as a last resort.

Remember, if you do not try to negotiate credit card debt, the answers to all of your credit debt questions and worries will be "no". Do not be afraid. Be bold and ask for the relief you need. You have more to lose if you don't. Credit card companies know that when you are at a breaking point, it is better to get a percentage of something than 100% of nothing. Most people are not aware of how much power they actually have when they go to negotiate credit card debt. So be brave, strong, and confident when dealing with credit card companies. Overcoming their tactics can be difficult if you don't know what to expect. As I stated earlier, the key to being successful is to come prepared and not back down. You might consider taking time to read Scott Bilker's, Talk Your Way Out Of Credit Card Debt, for pointers and to learn more about how YOU can negotiate credit card debt. You may be able to save yourself thousands of dollars and reduce your financial burdens. It is possible!
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