Debt,Consolidation,Can,You,Neg finance, share, loan Debt Consolidation Can You Negotiate with Your Credit Card
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
It might be possible, depending on your credit history, interest rate, and current balance. Your best bet, especially if you have a history of paying on time, is to simply call your credit card company and ask if they will lower your interest rate. They might, especially if you tell them that you got a better offer from another bank. If you have a history of paying late, however, they probably will not be willing to lower your interest rate. Thats unfortunate, since paying late has probably prompted the credit card company to raise your interest rate in the first place. Still, its worth a phone call; you may get lucky. If youve been paying your bills on time, asking for a lower interest rate may be the only option available to you. The credit card companies arent going to be too sympathetic to your financial woes if theyre receiving payment on time. On the other hand, if youre late on your payments, especially if youre more than three months behind, you may have some negotiating leverage. That leverage comes with a few strings attached, however. You may be able to negotiate a lump-sum settlement for your outstanding balance, where the credit card company accepts a portion of your debt and writes off the rest. Theyre often willing to do this instead of turning your debt over to a collection agency, as its cheaper just to settle. The settlement amount will vary, depending on your interest rate, your balance and your payment history. This type of settlement comes with a couple of problems of its own, though. What if you dont have the money to settle all at once? If you cant pay your bills on time, you probably dont have the cash to settle at once. Additionally, the amount of your debt that gets written off will show up on your credit report as bad debt, and that will stay there for seven years. Your credit card company may or may not be willing to work out a payment plan, but it costs you nothing to ask them, and negotiating a settlement with them may be cheaper for you than if you consult with a debt consolidation firm. If your credit card debt is substantial and you just cant make the payments, its worth a try.
Debt,Consolidation,Can,You,Neg