Credit Card Debt Settlement TipsCredit card debt settlement tips are not easy to come by, probably because the credit card companies try to erase every page of information on it. Luckily, this one is still available. With the current economic situation creating financial difficulties for many families, Credit Card Debt Settlement Tips from those who've been there before are constantly in demand.
If your credit card accounts are racking up interest at an alarming rate and you bank account can hardly handle paying the minimum payment, it's time to take action.
Credit Card Debt Settlement Tips: Call Your Credit Card Company
Be proactive about reducing the amount you owe. Give your credit card company a call, explain your situation and ask to negotiate the debt. If you call before missing that first payment, the company is much more likely to negotiate, lower interest, or work out a reasonable payment plan.
Don't be discouraged if the answer is no. Try, try again! Keep track of everything in writing – communication via phone, email, and letter.
Write down what you said, what the company representative said, even what the supervisor may have advised through the representative. It's a good idea to write down the supervisor's name, even if you didn't personally talk to him.
When the company does offer a negotiation, whether it be 0% APR for a number of months or a balance reduction, write it down!
Credit Card Debt Settlement Tips: Do Your Research before NegotiatingResearch settlement tips that other have used. Know the options that may open up if you push them hard enough. For instance some companies will give you 0% APR for a specified time, maybe 6-12 months or more.
Others may be willing to reduce your debt by taking off the interest you've accrued while paying the minimum each month. Still others may even be willing to reduce your debt by up to 50%.
Credit Card Debt Settlement Tips: Be Incredibly Honest About Your SituationThere comes a point where even the most prideful individual will stoop to groveling and begging for help. Be honest about your financial situation. If you simply can't keep paying down on your credit card debt, tell the representative that you may be forced to file for bankruptcy.
If the credit card company knows you're really in trouble, they'll do all they can to help you out. Think about it, if they help you, at least they get some of the money they're owed.
Hopefully thesetips have encouraged you, and given you a way to start digging out of the financial hole that's growing bigger every day. Get on the phone and start filling in the money gap!
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