Nothing To Lose Trying Credit Card Debt Negotiation With Card Company
If your credit card debt is getting close to sky high, do not be bashful about attempting credit card debt negotiation with the credit card companies. Depending on your history with the card company, they may be willing to work with you in reducing the overall debt. If you have had an outstanding payment record for a year or more and you ask nicely about the possibility of reducing your debt, the company is willing to enter credit card debt negotiation, especially if you are honest with them about why.
Many times, individuals with a good standing with a company find themselves unemployed or in financial trouble following an illness and are unable to make their payments in a timely manner. By entering into credit card debt negotiation with the company, they may be willing to reduce the amount of interest owed and accept an offer to close out their account.
This can be beneficial to the company since they will not have to be concerned about taking steps to collect on the debt, saving them a lot of time and money. The big thing is that if you have a successful credit card debt negotiation with one company, does not mean you will be successful with all of them.
Every Company Has Different Guidelines
Every credit card company may have different rules to follow, but if your initial attempts at negotiating a payoff of a credit card debt is not successful, ask to speak to someone higher up in the chain of command. Not everyone who answers the phone is authorized to enter or approve credit card debt negotiation, and you should not give up until the person who does have the authority tells you no.
If all else fails, you may consider going through a debt counseling service where the folks have a lot of experience with credit card debt negotiation. The have worked with most of the companies in the past and understand what they can and cannot get eliminated during the negotiation process. Do not ignore the debt, even though the company may be slow in contacting you, they have not forgotten about you and the debt you owe.
It is recommended to being all credit card debt negotiation on your own and see what the company is willing to accept, or at least what they are offering, before bringing in outside help with the negotiations.
