If you come to find yourself drowning in credit-card debt, it's safe to assume you'll quickly search for a way out.
Unfortunately, paying down credit-card debt is easier said than done. This is particularly true if you have a large amount of debt spread across a variety of high-interest cards.
While there's nothing simple about credit card debt negotiation, there are steps you can take to help your situation:
- Learn more about your many options: For example, you may be able to work out a lump-sum settlement with your credit-card company. If that doesn't work, forbearance may be something to ask about.
- Review your situation, including your income: You need to give your credit-card company a reason to negotiate. For example, if you are out of work or dealing with a serious medical concern, you have a better chance of success.
- Get on the phone: It may not be something you want to do, but it's imperative to call your credit-card company as soon as possible. You can explain your situation, ask who you need to speak with, and then do your best to work out a settlement.
Remember, it can take some time to finalize a credit-card debt settlement. You may not see results after one call, but that doesn't mean you should give up.
If you look into all your options and come to find that credit card-debt negotiation is out of the question, you may want to learn more about both Chapter 7 and Chapter 13 bankruptcy.
Source: CreditCards.com, "Credit card debt negotiation in 3 (not) easy steps," accessed June 01, 2018