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What’s the best way to negotiate credit card debt?

If you find yourself facing a large amount of credit card debt, it's only natural to consider all your options for digging out of this financial trouble.

It's easy to believe that you have to file bankruptcy in order to fix your problem. It's easy to believe that borrowing from or cashing out a retirement account is the quickest resolution.

While many people go down these paths, you don't want to do so before you become familiar with the pros and cons of each approach.

Did you know that you may be able to negotiate credit card debt? This is easier said than done, but it's definitely an idea to consider.

The first step is simple: Contact your credit card company to learn more about your options. Although it may take several calls to reach the right person, you'll eventually find who you are looking for.

From there, you can discuss strategies such as:

-- Lump sum payment settlement

-- Forbearance program

-- Workout arrangement

-- Debt settlement program

Your credit card company may be willing to discuss some or all of these ideas with you. Once you have a clear idea of the directions you can move, it's easier to consider which option could have the biggest impact on your future.

Before you negotiate with your credit card company, make sure you have a clear understanding of your debt and income. How much debt do you really have? Are you making enough money each month to pay down the debt without negotiating a deal with your credit card company?

There are many challenges when it comes to negotiating credit card debt. For example, you need to get the right person on the phone. Furthermore, you need to work with the company to negotiate a deal that will truly improve your situation.

If all else fails, you may want to consult with an attorney to learn more about your other options. For example, Chapter 7 bankruptcy could help eliminate your credit card debt as a means of obtaining a fresh start.

There is nothing wrong with contacting your credit card company to discuss your debt and learn more about any options that exist. You may be surprised to find something that can help improve your financial situation in the future.

Source: Nov. 30, -0001

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