Credit card debt can feel like a dark cloud hovering over your head 24 hours a day. One of the hardest things to do when the stress builds is to have a positive mental viewpoint and search for what solutions there are. One of the fastest ways to relieve debt is to negotiate your balances with the credit card companies yourself. In the time it takes for a phone call to the credit card company, you can have smaller debts and more manageable payments. Here are 4 important things to think about.
1) First, negotiate your interest rate. If you have interest rates that are higher than what could be reasonably offered to you, it may be worth asking your current credit card servicer for any considerations where this is concerned. They may offer you a lower rate for a certain amount of time and you should not accept this. You will just end up in the same predicament you’re in now when the low interest time period ends and the rate jumps back up. Typically, introductory rates last from 6-12 months. It is important to get all the details of the new interest rate, including any future possibility of the rate going back up.
2) Attempt to negotiate a lower monthly payment. This is a very real option for negotiating credit card debt yourself, especially if you are in need of immediate economic relief. You may be able to claim financial trouble and get 2 or 3 payments deferred. Although they will keep on charging you interest, you will not have to make a payment. It’s ok to be very honest with them and let them know you’re struggling.
3) You'll want to be ready for your negotiations. You'll do this by knowing exactly what you want from your credit card company. Being ready like this will help you to anticipate questions from the representative and have your responses ready. This will also help you to feel that you are on a equal playing field with the company and your confidence will show.
4) Have the courage to ask for it. What I'm trying to say here is you'll need to ask for specifically what you want. There’s a widely accepted idea with negotiations that you should always ask for more than you want because the other party usually offers less than that. The other scenario is, you get the high offer and your completely astounded at your results. While this may not happen very routinely, it's definitely worth the try. One "rule of thumb" in good negotiations is to never start taking numbers first. It is like showing your hand in poker before the round starts. In some situations it may be worth shooting for the stars right off the bat and just seeing what the reaction or response is. In any event, get a feel for this in the initial stages of the negotiation and follow your "gut feelings".
With these 4 tips you should have a great head start to negotiating credit card debt yourself.
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