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Steps For Dealing Directly With Your Credit Card Company to Reduce Payments

In our last entry, we talked about ways to spot a credit repair scammer hired for settling your debts. In this entry, we’ll tell you how you can bypass these companies altogether – the good ones and the shady ones – and negotiate directly credit card companies yourself.

Why would credit card companies work with me to reduce my debt?

That’s an easy one: with the average American household owing $9,600 in credit card debt, the credit card companies are eager to collect as much debt as they can. That’s because what’s owed to credit card companies is unsecured debt, meaning they cannot take your home or car if you default.

What can I do to prepare to talk with my credit card company?

The first step is to do your homework. The lender will want detailed and specific reasons for why you’re unable to make full payment. Don’t let this intimidate you. Instead, do a bit of number crunching to calculate exactly how much you owe and put together a plan for how you’ll make payments. Don’t lie – there’s reams of data on you in the hands of collection agencies, and if you’re caught making up an imaginary car payment or medical bill, they’ll likely know that you’re not being truthful.

Who should I talk with at the credit card company?

Before you call, remember that patience is a virtue. That’s because if you dial the 1-800 number listed on the back of your card, you’ll likely be blue in the face after stating your case to a host of people before being eventually transferred to the right person. To bypass this, ask for the collections department as soon as your call is answered.

When should I call the credit card company?

If you can, try not to wait until the collections calls have begun. Be proactive and call them when you anticipate having problems making a payment.

What should I ask for from the credit card company?

There are actually a host of things you can ask of them to make your life easier, including:

  • Moving the payment due date to a time of the month that’s more convenient for you
  • Asking for a temporary reduction in the payment
  • Reducing the interest rate on your card (according to statistics, the average credit card interest rate is 15.7%)
  • Forbearance agreement (an arrangement stating that you have no payments for a set amount of time until your situation improves)
  • A long-term repayment plan with a reduce interest rate

Take Control of Your Debt by Calling The Oswalt Law Group

There’s nothing enjoyable about living with overwhelming debt. As you can tell from the information above, there are ways you can improve your situation dramatically. For a workable solution customized for your situation, call us here at The Oswalt Law Group. The first consultation is always free, so call us to schedule a time; our number is (602) 225-2222.

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