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Negotiate Credit Card Debt Yourself

One time or another, we have probably heard from friends and relatives their credit card debt stories or how they got into trouble with borrowing a small 2000 loan from online lenders. To many people who have fallen into a big pile of debt, being overwhelmed is something that they stress over the most. The best way to get debt collectors off your back is simply to clear off the debt. If you think that you are financially unable to repay the loan balance, there are methods to negotiate with these debt agencies and prevent their constant phone calls and letters. Communication is the key to effectively dealing with credit card companies or debt collection agencies when you have to settle credit card debt on your own.

One effective option is through credit card debt negotiation. And what is this debt negotiation process? It is a process of negotiating on delinquent accounts to get rid of debts whereby the benefits of doing this will be saving money on what is owed and lower the remaining balances much faster than paying monthly minimum payment. By using this method, you commit yourself to a repayment scheme of the debt that you owe and helps you to realize a payment plan that is easier for you to carry out.

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Do It Yourself Credit Debt Settlement

When you go about trying to settle your credit card debt on your own, it is important to read up on the necessary information and be well-prepared before entering an negotiation with a credit card company or debt consolidation company.

Firstly as soon as you realize that you had been missing payments on your credit card bills and floundering in excessive debts, you should brace yourself and try calling your credit card company. You may feel that this is embarrassing or even a waste of time and that they will not be interested in speaking to you, but this is often not that case. Many people in such debt situations add on to their own stress level because they were too worried to open up channels of communication between themselves and their creditors and begin negotiation. The latter will want to take your call and attempt to help you undergo a credit card debt management plan. Be open and honest and you will be pleasantly surprised that negotiating your card debt is not as difficult as it seem.

There are a few things to take note when settling debts yourself.

  • Have a record of all of your correspondence with creditors which include the date, time and the staff’s name that handled your account. It may become handy later should there be any payment dispute or settlement arrangements.
  • Don’t get into arguments with collectors or use vulgar language. Most telecommunication is often recorded and it may make creditors less sympathetic to your case which in turn makes negotiation difficult.
  • Request for a debt settlement letter from the credit card company or debt agency with the agreed upon amount of the settlement or similar payment arrangement. A verbal agreement may not be sufficient or valid and it would be your word against the collector.
  • If you negotiate an unsecured credit card debt or a lump-sum settlement, make sure you keep up with the payment. Failure to comply on your part of the deal may nullify the agreement and puts you in a worse situation.
  • Know your rights as a consumer. Many unscrupulous collectors prey on you, knowing they can intimidate you. Know what your rights by researching the credit card laws in your state.or refer to the Fair Debt Collection Practices Act by visiting The Federal Trade Commission.
Posted July 28th, 2011. Filed under Credit Cards General

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