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Can I Negotiate With My Credit Card Company?

dialing through a mobile phone while holding a credit card on the other hand

Americans know all about recession and what it can do to households in every state. When the bills begin to bite people understandably begin to get anxious. But negotiate with a credit card company? It would be easier negotiating with Putin……….right?

Well actually………wrong! When money gets short and things are piling up on us, there are a number of things we can do to get a little financial breathing space. Take a deep breath, sit down and look at your options calmly. You’ll be surprised how easily you can take control again.

Your Country Needs you!

Just imagine you’re the President looking after the national debt – the scenario is the same only much bigger. But the first thing to do is admit we have a problem! Every problem is an opportunity turned around and we can repair the situation by addressing things head on. One of those options is negotiating with the credit card company!

As For the Ostrich Impressions!

girl cutting her credit card with scissors

http://www.ideapractices.org/wp-content/uploads/2013/01/girl-cutting-her-credit-card-with-scissors.jpgWhat you should never do is bury your head in the sand as the problem won’t go away. ‘Oh the credit cards can wait you’ll say’……….but the truth is they can’t………that isn’t the answer Barack would be pleased with! And Superman won’t be able to whizz down and help either!!

So step up to the podium and hit back……….contact the credit card company and explain the situation. There’s no shame in this as problems can occur for all sorts of reasons. And you don’t always need a debt consolidation company if you feel confident enough to talk to your own creditors. They’ll feel you are taking responsibility and will try and help.

What is Debt Settlement?

It might sound straightforward to some but there are certain implications you need to understand. This occurs when someone contacts the credit card company to discuss reducing the amount of money owed. They might agree to change the payment plan, pass on fees or even freeze interest in certain cases.

And the Downside?

thumbs down

Well of course this will harm your credit history though some companies will go lightly on you if a debt settlement is reached in full. In the near future you’ll have problems obtaining credit or loans from most companies – but this can be repaired even though it may take some time in various cases.

This may sound harsh but at least when you contact companies and accept responsibility, this will go in your favour. Credit Card Companies like anyone else will see this as the fact we are getting close to bankruptcy – even if we aren’t and the situation for us personally suddenly improves.

So they’ll try and get what they can back in the meantime. This is because credit card companies are the last to be paid in a bankruptcy. It’s difficult but try and see both sides of the problem.

Negotiate with Them as This Will Help in the Long Run!

“The best thing to do is ring the creditor and politely explain the problem,” says Julie from Chicago. “You want to take responsibility and are willing to come to some arrangement, so can they help. If you are in a position to pay off a reasonable sum then begin with around a third of what you owe. Up to this point the company will negotiate with you. It may take a couple of calls, but a compromise can be reached so don’t worry too much.”

Hopefully we can get a plan to help in the long run and resolve our problems completely. But if you feel it’s not working or you have numerous debts then a good debt management company will both help you and protect you to a point.
So don’t worry too much as this really doesn’t achieve anything – but wise up and contact the credit card company! You’ll be glad you did!

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