Credit Card Negotiation : Often times, if you have a credit card, you fall behind on your payments and get into debt. You may have tried to get out on your own, but sometimes that debt is tough to get out from under. So, your next option might be credit card negotiation. This would involve contacting your creditors and seeking some form of negotiation, whether it be agreeing on a lump-sum payment, working out an arrangement, seeking a forbearance, or initiating a debt management program.
When negotiating, it often takes multiple phone calls and plenty of patience, persistence, and courage. Before attempting to negotiate, you should analyze your current situation. Figure out how much debt you owe, what your income is, and what your expenses are. That way, you have the information prepared for the creditors should they request that information (plus, it could help you figure out how to better spend your money).
The lump-sum payment is a negotiation option. This would entail you paying a settled amount of your debt in a one time payment within a specified time period. Another option would be working out an arrangement. In this case, your creditors would eliminate your late fee penalties and reduce or eliminate your interest rates for a period of time while you try to pay off your principal amount.
You could also seek forbearance while you catch up on your finances since this allows for a period of time where you don’t have to pay your creditors. One other option would be a debt management program. This would help you develop a plan to deal with your debt and how to best pay it off. Regardless of which credit card negotiation option you can negotiate for, it is important for you to be persistent and get the help you need.