HOW TO NEGOTIATE CREDIT CARD DEBT With the present economy Americans are burying themselves under massive

amounts of credit card debt. As of December 2011 the total U.S. consumer debt

reached $2.5 trillion (source: Federal Reserve's G.19 report on consumer credit,

released February 2012) and about one-third of that is revolving debt, such as

credit card debt. Debts are increasing and more people are finding difficulty

making their payments. Negotiating your debt with a credit card company is

possible as companies are trying to avoid cutting their losses by forgiving the

debt.

The power is in your hands as you have what the credit card company wants. Do

not let this go to your head though. You should approach your company politely.

Stay relaxed and calm. Yelling or crying will not help the situation.

You want to negotiate through emails or written letters if you can. It’s often

easier to keep a record of all your negotiations. However, sometimes you will

need to get on the phone and talk to someone. Stay organized and make a note

of when you called and whom you talked to. You’ll also want to collect the name

of their supervisor.

If you are lucky enough to negotiate with mail you want to send all your mail via

certified mail. A return receipt is encouraged for added safety. You’ll also want to

keep a copy of each letter you send.

A few things to keep in mind:

Time is on your side. You don’t have to accept the first, or even second,

agreement offered by your credit card company.

You have what they want. Sometimes credit card companies are willing to

take a loss. They might have you simply pay the money you owe and

eliminate all the interest charges to make their money back. They don’t

want to write it off or they lose money. Remember this when negotiating.

Keep track of all records. Whether you are sending emails, letters, or

talking on the phone you need to keep accurate notes regarding all your

correspondence. This includes keeping a copy of all letters you send and

the certified mail receipt and copies of all emails.

Another option is to have a specialist negotiate your credit card debt for you. You

might not have the time. Or maybe the credit card company isn’t cooperating.

Learn more helpful tips on how you can totally eliminate your debt without going

bankrupt. Get in control of your debt today!