Debt Negotiation Advice
how can i negotiate my debt???
is there any way to negotiate my credit card debt with the companies? any help -please. thanks
Public Comments
- Well, they say you can call each one and get them to lower the interest rate... but I've never had any luck doing that. What we did... after accumulating thousands in credit card debt over about 20 years... we went to Consumer Credit Counseling. They have an "in" with the credit card companies, and they can get your interest rate way down. Not all debt companies are the same!! Make sure you go to this one, which is non-profit and really takes care of you. You pay them each month, with a fee for the service, and they send out your payments to the credit card companies. They also counsel you... you take a little class where you fill out a workbook... which is pretty easy learning... so you can hope to keep yourself out of debt in the future. You have to stop using the cards. If you take on any new debt, they kick you out of the program and then you are right back where you started. We've been in the program for 2-1/2 years now, and it feels great to see the balances actually going down, and know that debt will be gone in about another year or two. It's hard to change your lifestyle... not using plastic any more. But it is very much worth the effort.
- Not really. You can consolidate your loans into one big loan with affordable payments. These companies are in business to make money.
- You can negotiate your debt with the credit card companies. However, it will negatively affect your credit score for years to come. A credit card is unsecured debt, which means, they can't force you to pay the debt, such as the government can if you owe taxes, ie through taking money out of your paycheck. Therefore, the longer you ignore the debt, the lower your credit score will go and the 'better' the debt offer will be. You can try to negotiate before your credit really gets hit. Good luck!
