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Negotiating Credit Card Bills – Part Three (Debt Negotiation)

For millions of Americans credit card debt has spiraled out of control. For many it has gotten to the point where they can no longer afford to pay their credit card bills.

With that in mind we decided to write a three-part series offering advice to beleaguered consumers so that they can successfully negotiate a resolution with their creditors.

In the first two installments of our three-part series we looked at credit counseling and debt settlement services.

In the third and final installment of our three-part series on how to negotiate debt on credit card bills we look at how to negotiate directly with your credit card companies.

Debt Negotiation

Many consumers eschew the services of credit counseling because they cannot lower their principle debt, only the interest rates. While others find the fees charged by debt settlement companies to be objectionable.

There is a third option that can be explored and that is do-it-yourself debt negotiation. It would appear that because the default rates have gotten so bad across the credit card industry that banks are willing to make settlements in some cases directly with cardholders.

Some consumers are contacting their credit card issuer directly and settling with them without the use of a middleman.

And believe it or not, and we do not suggest that anyone does this by the way, some individuals that stopped paying their credit card bills have been approached by creditors with settlement offers.

The fact of the matter is that in this environment many of the credit card issuers are willing to make debt reductions and debt settlements that they wouldn’t even consider in the past.

The bottom line is that for banks and credit card issuers getting something is better than getting nothing.

This is more or less uncharted territory so if you feel as though you can make a cogent case for settling your credit card bills directly with your creditors then by all means pursue it.

There are most certainly no laws or rules written that say you are required to go through a third-party service to negotiate debt.

Related Information:

  1. Negotiating Credit Card Bills – Part Two (Debt Settlement) Learn about how debt settlement can benefit you….
  2. Negotiating Credit Card Bills – Part One (Credit Counseling) Credit counseling may be very beneficial to you. Find out more about how it works to see if it’s something you should look into….
  3. Why You Are Paying the Credit Card Bills of Others This no doubt is really going to piss you off but if you currently carry a balance on your credit card then you are paying other people’s credit card bills…
  4. Understanding How Debt Settlement Works While many Americans struggle to make their credit card payments, more and more are beginning to turn to debt settlement when they find they can no longer afford the debt…