Tips To Renegotiate Credit Card Debt

Paying your credit card bills on time is considered to be the golden rule to stay out of debt. Yet so many people default on their payment time and time again. Very soon, this spirals into a situation where the person is in a bind, and it becomes imperative for the person to negotiate his way of credit card debt that has built up.

So here are a few tips to renegotiate credit card debt:

#1: Lump Sum Payment

In some cases, offering credit card companies 25 % of the total amount might just work. Some of them will raise that lump sum amount to 30 % to 35 %. Usually these people are used to debtors avoiding them and this might come as a surprise.

#2: Request for a Lower Minimum Payment

Most credit card companies prefer get some payment as opposed to nothing at all, so it’s a good idea to ask them offer you a lower minimum payment. Just be sure to calculate how much you can pay back before you call them to renegotiate the terms and conditions for a new contract.

#4: Get these Terms in Writing

Verbal agreements won’t help anyone, least of all, the person who is in debt. Once you renegotiate a new contract to pay back your credit card back, make sure that you get it in writing as this will serve as proof. With this, you won’t have to go through the entire process of renegotiating the terms later on.