Published On: Tue, Aug 27th, 2019

Negotiating Credit Card Debt

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Over half of Americans have credit card debt, and the average credit card debt is over $9,000. It’s important to try to control and erase your credit card debt immediately, to help prevent further fees and penalties added to your current debt.

Decrease Your Interest Rate

If you have been making all of your payments on time, you should have no problem getting the credit card company to lower your current interest rate. If you are able to make a larger payment, sometimes credit card companies will offer to get rid of all, or most, of the interest rate. This is more successful if you offer larger payments, or one large payment.

Get Rid of Your Fees

If you are still using your credit card and tend to take money out of ATM’s or use checks that go through your credit card, ask for them to start waiving the fees for this in the future. Although it’s not common, many frequent credit card users are able to get these fees waived, especially if you have a long outstanding relationship with that credit card company.

Negotiate a Payment Plan

Negotiating a payment plan can work both ways, whether you want to decrease or increase your current payment amount. If your work situation has changed, or you have new financial responsibilities, many credit card companies will offer a reduced payment plan without higher fees. However, if you are able to increase your current payment you may be able to negotiate far better deals in terms of fees, and interest rates.

Offer a Large Payment

Negotiating Credit Card Debt

Even if you cannot afford to pay off all of your debt, or even half of it, a large payment can make it a lot easier to negotiate your credit card debt. Many credit card companies can be convinced to lower interest rates, get rid of fees, or even offer you better payment options, if you make one large payment. Ideally, this payment should be at least 25% of your current credit card debt.

Offer a Full Payment

Not many people are in the position to pay off their credit card debt, but some can. Or, at least, they can afford a majority of their credit card debt. Most credit card companies want their money, and they want it fast. Often times you can offer a onetime payment, in return for previous fees and interest fees being wiped out. Many people are able to get rid of 50% to 100% of the penalties, interest rates on debt, and fees taken off, if they can make a complete payment.

About the Author

- I am an internet marketing expert with an experience of 8 years.My hobbies are SEO,Content services and reading ebooks.I am founder of SRJ News andTech Preview.

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