Negotiating Credit Card Debt
Credit card debt can feel overwhelming, but don’t worry. There are ways out! One of the best things you can do for yourself is to negotiate. Negotiating your credit card debt can save you a bundle in the long run. And you’d be surprised how willing your credit card company will be to cut you a better deal.
Negotiating Better Rates
The most common option is to negotiate better interest rates. If you’re paying more than 11% interest, you’re getting ripped off. Credit card companies are usually happy to lower a 14% or higher interest rate to something more reasonable. All you have to do is ask.
Call their toll-free number and ask to speak to a representative. When presenting your case, remember that there are some factors that will put the deal in your favor. First, it always helps if you’re a good customer. For them, “good customer” means that you’ve been making your monthly payments on time with no problems.
Your payment record doesn’t have to be perfect. Even if you’ve made a few payments late, you can still negotiate a better interest rate. Even if you’re terrible at making your payments, it’s worth a try. Lay your best sob story on them, and always remember that you’re their customer. They’d rather have their money in smaller payments than not at all.
Credit Card Debt Settlement
Here is an even better option that will save you big money. Offer to pay off the majority of the debt immediately. Often, if you can pay a huge chunk of the debt, they will forget about the rest. Tell them you are at the end of your rope financially, and you’d like to resolve it because the future is uncertain. They’d rather take a guaranteed payment of half the money today, than possibly not get anything in the future.
This isn’t an option for most people. If you had the money, you wouldn’t have charged up your credit cards! If you can, borrow the money from a relative. It’s much better to pay off your grandpa or uncle than a credit card company that makes money off your late payments.
Learn How To Waive Fees
Those fees they attach to your statement are made out of thin air. Sure, you paid late or made some other goof. But that money is a bonus for them, so they won’t miss it. Most of the time you can get added fees waived with a decent excuse. Tell them why they should waive it, and then stick to your guns. You’d be surprised at how often this works!
These are just a few things you can do to relieve your credit card debt burden just a little. Try to get a better rate first, and if that doesn’t work, look into other options. Remember that you are a valued customer. Your credit card company just wants the money, and they’ll take it anyway you’ll give it to them. Negotiating credit card debt is something anybody can do!
