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Here’s How to Negotiate Credit Card Debt: 5 Tips


If you’ve a credit card debt, you aren’t alone. The total United States credit card debt has been hitting a new record high recently. But it might interest you to know that you’re uniquely situated to negotiate your credit card debt on your own. 

We often depend on professionals to fix issues – doctors, lawyers, engineers. But you don’t need a degree to be able to develop a plan with your credit card provider. 

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Here are five tips you can follow to negotiate your credit card debt.

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Examine Your Debt

Take some time to review the amount you owe on your credit card. Check if you have an overdue payment and calculate how much you owe in total. Note down any fee as you may be able to negotiate it if you have a record of timely payment. 

You may have to jot all of it down have it clearly in mind when on a call with your credit card provider. As with any negotiation, you need to be clear about the amount you can afford. Calculate the amount you can pay monthly and don’t over-promise what you can’t afford.

People Also Read: How to Use Your Credit Card Wisely During the Christmas Season

Schedule a Call With Your Debit Card Provider

Here’s How to Negotiate Credit Card Debt: 5 Tips
A-man-in-brown-sweater-talking-on-the-phone. Image Source: Pexels. Licenced under CC BY-SA 2.0

Once you have your credit data together, schedule a time to talk to your card provider when you’re not in a hurry. If you’re facing some sort of financial difficulties, let your credit card provider know that you’re having trouble making your minimum payment and explain the reasons. 

Be factual and concise when speaking with the card representative. However, don’t take offense if they initially don’t understand or empathize with you. Check out these books on Amazon to learn more about how to prepare for a credit negotiation call. 

Inquire If You Qualify For a Relief Program

How Credit Card Debt Forgiveness Works. Video Credit: @Debtcom

In some cases, you may qualify for a hardship or relief program which you aren’t aware of. So, ask your credit card company about such programs and if you qualify for any. Before hopping on a call with your card provider, here are a few important questions about a relief program you should organize:

  • If I can’t make my minimum monthly payments, do you have a hardship or relief program?
  • If I lower or defer my monthly payments will interest continue to accumulate during the relief period?
  • Does the program come with any fees?
  • What happens if I’m still unable to make my minimum monthly payments after the end of the relief period?

But just in case you don’t qualify for any hardship program, you can also ask your provider if you’re eligible to reduce your interest rates or monthly payments.

Request a Payment Plan

Here’s How to Negotiate Credit Card Debt: 5 Tips
Tablet-with-check-mark-near-credit-card-and-money. Image Source: Pexels. Licenced under CC BY-SA 2.0

If you’re ready to start clearing your debt immediately, your provider may be willing to offer you a payment plan. You should understand that your credit card company wants your money. If they create a payment plan for you, they’re likely to make more money than if you default. 

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But before deciding on whether to create a plan for you, the company will consider the total amount owed, your payment history, your available credit, and the time you have held the account. Also, the payment plan your creditor will create for you will depend on whether you want to continue your card or not. 

People Also Read: 6 Credit Card Uses Every African American Should Know

Write Down The Final Agreement 

Whatever the final agreement is, ensure to write it down. Review it to ensure that the agreement aligns with your current financial situation and goals. Then, document it for your record. 

Basically, it’s good to keep a record of all your communications with your creditor. Keep a call log of the date, call summary and payment amount and method of each payment made. Finally, ensure you understand very well how any agreement will affect you.

If you have lost your source of income or are behind on your credit repayments, speaking with your provider is an important first step to managing the situation. By having open communication with your credit card company, you’ll protect your credit score and avoid extra charges. 

Knowing your options for negotiating your credit card debt and working with your provider to create a plan can help reduce financial pressures on you. Here are guides on Amazon that can help you learn more about the best ways to negotiate credit debts. 

People Also Read: 5 Reasons You Should Think Twice Before Using Your Credit Card

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Uchenna Agwu
Uchenna Agwu
Hi there! I’m Uchenna Agwu, and I love to write. When I’m not writing, you can usually find me reading books or watching documentaries (I’m a bit of a nerd). But I also like to get out and explore – whether that means going on hikes or checking out new restaurants.


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