Credit card debt is tough to beat, but you can often negotiate.
Credit card negotiation doesn't have to be handled by a company; you can do it yourself.
You can lower your principle, interest rates or monthly payments.
It just takes some perseverance and effort.
The result is worth it! Budget First Before talking to the credit card companies, work out your monthly budget.
This way, you'll have solid facts about your financial situation.
If you call them and say "Yeah, I'm just having kind of a tough time, you know...
" they won't consider your case seriously.
Work out your budget first, and show them that you're serious about working out your financial difficulties.
Start With The Small Stuff First, negotiate down your smallest debts.
If you can get the smaller ones under control, you can get them paid off and then deal with the big ones later.
A smaller debt will also be much easier to negotiate with the company because they have less to gain from it than a bigger debt.
Be Nice No matter how they bully you or talk down to you, always be polite and professional to your creditors.
Losing it and screaming profanities won't get you anywhere.
And after all, they're in control of the situation.
Being polite and professional also creates trust; they'll consider you somebody who's on top of things and maybe more capable of paying off your loan.
Get It In Writing With all debt negotiation, get it in writing.
Phone calls aren't enough.
Always get a copy of your agreement in writing.
Correspond with your credit card company through registered mail, so that you have a record of everything sent and received.
Credit card companies are not always trustworthy, and you might have to provide evidence of the settlement if it ever comes down to it.
Record Phone Conversations When you do call them, record the conversation.
This may seem like an unnecessary hassle, but in the future you'll want to know what was said word for word.
It might come in handy someday! Debt Settlement And Your Credit Rating One thing to keep in mind is that credit card debt negotiation might hurt your credit rating.
They have the option of reporting your case to the credit bureau.
Still, it won't hurt you as much as declaring bankruptcy or defaulting on your loans would.
The Customer Is Always Right Sure, you've been bad and racked up lots of debt.
You should get your wrists slapped...
But still, you're a customer.
They want your money and they want your business.
If you make your payments and get it all paid off, they get their money back.
If you default or file for bankruptcy, they end up with a no-good debt that they'll never squeeze any money from.
It's in their best interest to help you.
So, be confident! They will negotiate with you.
Just lay down the situation for them and start getting a better deal for both of you.
If your negotiation doesn't get the results you want, try again.
Be persistent, and you'll see results.
Credit card negotiation doesn't have to be handled by a company; you can do it yourself.
You can lower your principle, interest rates or monthly payments.
It just takes some perseverance and effort.
The result is worth it! Budget First Before talking to the credit card companies, work out your monthly budget.
This way, you'll have solid facts about your financial situation.
If you call them and say "Yeah, I'm just having kind of a tough time, you know...
" they won't consider your case seriously.
Work out your budget first, and show them that you're serious about working out your financial difficulties.
Start With The Small Stuff First, negotiate down your smallest debts.
If you can get the smaller ones under control, you can get them paid off and then deal with the big ones later.
A smaller debt will also be much easier to negotiate with the company because they have less to gain from it than a bigger debt.
Be Nice No matter how they bully you or talk down to you, always be polite and professional to your creditors.
Losing it and screaming profanities won't get you anywhere.
And after all, they're in control of the situation.
Being polite and professional also creates trust; they'll consider you somebody who's on top of things and maybe more capable of paying off your loan.
Get It In Writing With all debt negotiation, get it in writing.
Phone calls aren't enough.
Always get a copy of your agreement in writing.
Correspond with your credit card company through registered mail, so that you have a record of everything sent and received.
Credit card companies are not always trustworthy, and you might have to provide evidence of the settlement if it ever comes down to it.
Record Phone Conversations When you do call them, record the conversation.
This may seem like an unnecessary hassle, but in the future you'll want to know what was said word for word.
It might come in handy someday! Debt Settlement And Your Credit Rating One thing to keep in mind is that credit card debt negotiation might hurt your credit rating.
They have the option of reporting your case to the credit bureau.
Still, it won't hurt you as much as declaring bankruptcy or defaulting on your loans would.
The Customer Is Always Right Sure, you've been bad and racked up lots of debt.
You should get your wrists slapped...
But still, you're a customer.
They want your money and they want your business.
If you make your payments and get it all paid off, they get their money back.
If you default or file for bankruptcy, they end up with a no-good debt that they'll never squeeze any money from.
It's in their best interest to help you.
So, be confident! They will negotiate with you.
Just lay down the situation for them and start getting a better deal for both of you.
If your negotiation doesn't get the results you want, try again.
Be persistent, and you'll see results.