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Can I Negotiate My Credit Card Debt Down?

by Samantha Bennet on 2013/10/18

Credit card debt negotiation is possible and is recommended for people who are having trouble getting out of debt. Remember, it is better to look like you are in deep financial trouble AND express your desire to pay off your debt than to totally abandon your obligations.

There are a few ways to negotiate for your card debt, if you think that it’s the only way for you to settle them. On the other hand, banks would give everything to keep customers who pay for their monthly bills religiously, so even if you are not in trouble, it may be wise to negotiate your card debt down to improve your card rate.

For people with bad credit, credit card negotiation for a longer and more flexible term will help you settle your card debt without using up your entire monthly budget. Your creditors will appreciate that you want to settle your debt but won’t probably lower your interest. However, extending your term will help you meet your monthly dues more comfortably than usual.

Negotiating for lower credit card rates is only possible if you have a good credit standing. Most banks or financial institutions will not budge but if you can prove that you are a loyal customer and that others are offering better options than what they are giving you, then maybe they will lower down the rates for your account.

Negotiate for a different payment date. Sometimes, you are only unable to meet payment deadlines because they coincide with other major expenses such as rent, tuition, car loan payment, etc. A wrong payment date can cause you to have delayed payments and it is possible to have your due date moved, so you will not miss out on payments and earn penalties.

Card debt negotiation happens all the time. Do not get discouraged even when your proposal gets declined the first time. You can always try again and propose better terms that you and your creditor can both agree with.

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