Here Are the 5 Best Ways to Negotiate Credit Card Debt

02:03 AM February 11, 2019

Credit cards.  How we love to hate them.  Somehow we feel that credit cards are great for emergencies only.  Then one day, everything happens to be an emergency. So, the next question we have, how do I negotiate credit card debt?  What steps are needed for us to negotiate credit card debt? When we have decided that we’ve got to call our creditors and try to negotiate our credit card debt, we want to keep decent credit as well.  Negotiating credit card debt is quite a tedious act, in fact, it’s almost as bad as a root canal. Creditors, by now, are used to customers asking to negotiate credit card debt. In fact, they probably deal with the negotiation of credit debt more than taking payments.  Most of them are used to the negotiation talks. If they’re a reputable company that values your business, most of the time, they will be able to help you negotiate credit card debt. Negotiating credit card debt is very important these days, so we have come up with 5 ways to negotiate credit card debt.  These ways should help you successfully negotiate credit card debt and on terms that aren’t going to have you in the poor house.

Pay off Credit Card Debt Faster

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Pay off Credit Card Debt Faster

When you are ready to pay off your credit card debt as fast as possible, there are some ways to do so.  If you are going through a debt settlement company, they will be concerned about what is going on in the life that made you get into this bind.  They care about the hardships you are going through which caused you to contact them. When you contact a company about negotiating your credit card debt, they are aware of how much you can offer to pay and the company will accept.  There is a certain percentage that they are allowed to take. Technically, the only real surefire, fast way to pay off your credit card debt management program is to pay it off as fast as possible but when you are out of options money wise, negotiating credit card debt seems like the only way.

Best ways to Negotiate Credit Card Debt

Best ways to Negotiate Credit Card Debt

When you first start negotiating your credit card debt, you may want to know a few things first.  Your creditors can negotiate a number for you. If you are having one tough month, negotiating one or two months can work.  You can work out an agreement to pay so much until a specific date or negotiate a partial number to pay them back. When negotiating your credit card debt, remember one thing, the card companies want some money and if you offer something, usually they will help you out, have your credit report handy to make sure there are not any discrepancies on your auto loans if applicable or interest rates.

Negotiate This

Negotiate This

If you have a temporary issue with your debt, then you can request a forbearance.  This usually occurs when someone you love is hospitalized, you are sick and hospitalized or something else.  It gives people a break from trying to make full payments. The credit card company and negotiating your debt are tedious, however, this forbearance usually can lower or delete your interest.  Sometimes, you can go through a credit card counseling system that could assist you as well. They will provide you with great information on negotiating your credit card debt, along with guide you in the right direction.  These counselors will work with the auto loans, personal loans on your credit report to negotiate a settlement and help restructure your debt to get your worries and stressors taken care of too. Taking an affordable payment plan that best suits your budget is key to improve your financial debt.

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Take a Look at Your Debt

In order to negotiate your credit card debt, you have to take a look at what you owe.  Then, compare it to what your income is. The credit consolidators can lay out everything for you and you’d be surprised at what you owe.  Once laid out, think about what you can honestly pay. Make sure you have a budget for living expenses too though. You never know what will come up when you least expect it.  The next step is one of the most important ones you will do during this consolidating time.

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Make Some Phone Calls

Make Some Phone Calls

Now that you have decided on what you can really pay, it’s about that time for making phone calls.  A HUGE part of negotiating your credit card debt is being able to communicate what is happening to your creditors.  Communication will get you much further than just thinking it’ll all fix itself. That won’t happen. When you start making calls, you’re going to want to call everyone that could possibly lend you a hand.  Once you have called your first credit card company, you may be shocked to see that your credit limit is frozen. This is a normal occurrence. When you get behind on your credit cards, do not avoid anyone, just try to explain what happened and be honest.  They will be able to help somehow, even if it takes longer than you want, at least you’re paying towards a zero credit card balances. In these financial situations, it’s best to ask for forbearance. When you are alone calling these people, you are bound to get a lot of “no’s.”  In this case, you have to find the right person to speak with and tell them what’s going on, what you need and ask them if they can help you. When calling, ask for either in-house help program or loss mitigation. One of these will get you to where you need to go to seek assistance.

Never Take the First Offer

Never Take the First Offer

Once you have explained it all, take a look at what you have told your creditor.  Then ask your creditor what their plan would be. Ask them what the creditor can be comfortable with so we can move on.  We are still negotiating your credit score lowering as well. You have one main goal. When you work out your credit card debt settlements, by paying them in a consolidated bill, you’re much closer to having your life in order.  When you all have come to an agreement, there is still some work to do for your credit consolidation. If this ever happens to you, please remember for your protection, get everything in writing. Whatever you do, don’t put any of this off!  Things happen and as long as you are dealing with it, in a positive way, we think everything will work out and be okay.

Minimum payments will cost you thousands of dollars in the long run, try a credit counseling agency or settling your debt if paying off your debt is not an option.

Publish February 11, 2019; UPDATED May 28, 2019.

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