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Negotiate Credit Card Debt

in Credit Card 101

As part of your goal to reduce your credit card debt or to completely paying off your credit card debt, you might need to do some negotiations with the credit card company. Don’t be surprised that credit card companies are willing to engage in negotiations as well. This is logically because it’s better for them to have you pay off your debt completely (making them recoup their ‘investment’ on you even with lesser interest) than for them to be chasing and forcing you to pay (on their part, this costs them time and money).

In order to do this, you need to speak to a credit card company representative that specifically handles such type of conciliation and dialogue. But prior to speaking with the bank or credit card company agent, you need to do your own research. Using the internet, print and other forms of media, you can acquire information regarding other things that the credit card company has to offer. You can also do some interviews with friends, relatives or officemates that have knowledge regarding the credit card that you own.

During the negotiation, your primary goal is simple – and that is for you to pay your credit card debt at the most convenient way for you. To do this, keep your discussions on the following items:

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  • Lower Interest Rate – Some banks and card companies allow cardholders to avail of lower interest rate especially if the cardholder always pays on time and has a good track record
  • Request for Fees to be Waived – Again, there are credit card companies that are more than willing to waive a fee or two just for your satisfaction. This actually depends on the type of fee being discussed. The most common one that’s being waived is the late payment fees.
  • Lump Sum Payment – If you have a sum of money that you can allot for credit card debt payment, inform the agent and try to calculate your remaining balance. This generally decreases any further interest because of the great deduction from your initial balance. Try to come up with the best possible combination of lump sum payment and rates/fees on the outstanding balance.
  • Document Your Agreement – Remember the saying, “If it’s not written, it never happened”. Have your concurrence be written as future reference.

These are things that you need to keep in mind when dealing with agents regarding any negotiations on your credit card debt. It also helps you if you consult a financial expert or any of your friends, relatives and office mates that has experienced the same problem before. You can learn from what they have done.

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