3 Ways You Can Lower Your Overall Debt By Negotiating
Credit Card Debt Yourself
When you’re faced with a significant amount of debt, it
can be quite hard – sometimes quite impossible – to make all those
payments. However, you have the option of going with a debt
settlement company to help you out or to negotiate the credit card debt
How To Positively Negotiate With Creditors: 3 Things You
Can To Bring Down The Amount You Pay
There are at least three things that you can discuss with your
creditors to bring
down your credit card debt.
1 - You can negotiate with them is the interest rate. This is one
surefire way to decrease the amount of your debt, whether it’s a credit
card or high interest loan. This industry is extremely
competitive with many credit card companies offering low interest rate
If you’ve got a high interest rate on your credit card, you could
convince the company to reduce it to meet the competitor’s interest
rate. They certainly don’t want to lose your business so earning
something from is better than earning nothing at all if you decide to
place your balance with them onto a lower interest rate card.
2 – You can also negotiate your monthly payment. Most
people make just their minimum monthly payment; but, if you’re not able
to do this, you can call the credit card company to talk with them
about the situation.
If the problem you have is just temporary (no more than three months),
the company may suggest a payment holiday. Interest will still be added
on the balance; just you won’t take a negative hit on your credit
You can also negotiate with kind of credit you have. A good chunk of
credit card companies offer lines of credit that have low interest
rates instead of credit cards. If you have good credit and can provide
the right collateral, you can change the credit card debt into line of
When you have low interest rates, you save yourself a significant
amount of money over the time it’ll take you to pay it back.
Debt settlement companies claim they have the kind of relationship with
creditors that help you to get better deal. For some companies, this is
a true statement. Still, there are many debt settlement companies that
are not very reliable and are unscrupulous.
If you’ve already got an established relationship with your creditor,
it would be in your best interest to negotiate with them. After all,
you may get a better deal and don’t have to pay another company to get
it for you. Save that money and pay down your debt.
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