6 Tips For Successful Credit Card Debt Negotiation

By Author: J.J. Yong
Total Articles: 963
Comment this article

The economic downturn is not the main the reason that we are in debt. The economic situation merely highlighted and brought into spotlight how much debt we had. We are in debt because of they way we spend money. We spend at least an average of 10% more then what we actually earn. You can start clearing off your debt by actually paying the required amount monthly. Now, if this suddenly becomes impossible, then you will need the following tips to help you along;

1. The easiest thing you could do is to first check your savings and see if the money you have is actually enough to pay off your debt in a lump sum. How this works is you will need to have some amount ready at your perusal in order to settle your debt. You call up your creditor and tell him you are willing to settlement a fraction of the original debt. Depending on how much your settlement amount is, he might agree on your first try, but if your offer is too low, he might make you an offer and then you will have to decide if you want to meet him half way or pay the requested amount.

2. You could opt for debt consolidation. The easiest thing to do is to ...
... walk into a bank, apply a personal loan to cover all your loans. This way you can immediately pay all your creditors and end up paying only one party at the end of the month.

3. If you are very deep in debt, try getting the creditors to let you pay back the original amount you have used, without all the ATM withdrawal fees, interests and additional fees.

4. If you are quite regular with your payments then perhaps you could get your creditors to lower the interest rates that they charge you every month.

5. You could also stretch your payment terms. You could try extending it from two year to four or five years. This will drastically reduced the amount you have to pay every month, making your finances easier to manage although you will be in debt for an extended amount of time.

6. Always get any agreement you make in writing. This will be your proof and evidence.

Each individual is different and so is their approach to settling debts. Not all of these tips might work for you so you have to continually search ways that you could live a freer and happier life.
For more FREE credit card debt negotiation tips, visit http://DebtNegotiationTips.com.