** Credit Card Debt Relief Tip of The Day **

Try Negotiating with Your Credit

Card Company YOURSELF –

You May Be Surprised!

Are you mired in store credit debt? Perhaps you owe thousands of dollars to store charge cards. While stores prefer to be paid off in full (they’re a business, after all), they aren’t beyond compromising if you are sincere and honest. Call the credit controller and let them know your situation. If you are having cash flow problems or you anticipate having cash flow problems for a few months, inform them and let them know how much you can afford to pay them in the next few months. They may be willing to lower your monthly due for a few months or they could even lower the interest rate and forgo penalty rates.

It’s the same thing with credit cards. Credit card companies want their borrowers to pay them back. However, if you are truly experiencing financial hardships and you contact your credit card companies as soon as possible to work out a compromise, they are often more than happy to work with you. Credit card companies may lower your interest rate or lower the amount you have to pay for a few months without penalty. Whatever you and the credit card companies agree on, make sure you stick to it and fulfill your part of the deal.

There are companies that will do debt negotiation for you, but you have to be careful and prudent about whom you select. Doing your own debt negotiation can be just as effective, and save you a ton of money in fees.