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Not likely to happen ... you may get them to lower the interest rate some, but to forgive any of the principal amount, money you have already used to buy something that you could not afford in the first place, that will still have to be repaid in full.

This answer is inaccurate to say the least. You will have to stop making your monthly payments and the closer you get to 180 days past due, the more negotiating power you have. You should have extenuating circumstances and communicate those to the creditors. Expect to pay between 30 and 60 cents on the dollar.

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Q: How to negotiate a lower pay off of credit card debt?
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What is credit card debt negotiation for?

Credit card debt negotiation can be used to dispute any unauthorized fees and charges. It can also be used to negotiate terms (such as interest fees, late payments) and lower one's assumed debt.


What does credit card negotiation mean?

Credit card negotiation is when you contact the bank and negotiate your credit card debt. This can mean negotiating a payment plan or just trying to get the overall debt reduced.


What are some tips for negotiating credit card debt?

To negotiate credit card debt, it is advised that one should request a lower interest rate of at least 2% below the national average. One should also offer a lump sum payment of 25% to the credit card company.


Should you get a credit card to repair your credit?

You may do that in case of credit card consolidation wherein your credit card debts are consolidated into one credit card. However, if you can still negotiate to lower your interest rate and monthly payments; it is still better to pay off your debt with cash and not consolidation.


Does debt settlement companies help you settle with credit card debt?

Debt settlement companies can help negotiate debt relief with all your creditors. This will include credit card companies who may be willing to write off part of your debt.


Where can one find out more about credit card debt negotiation settlement?

One can find more information about credit card debt negotiation settlements in different consumer guides. BeginnersInvest offers an article named "How to Negotiate a Credit Card Debt Settlement". That article handles the topic more in depth.


What options are there to get out of debt?

It's true that there are a number of ways you can tackle your debt. If you have multiple debts across a few credit cards, you can always consolidate them with a consolidation loan or a balance transfer to a lower rate credit card. If you want to get the creditors off your back without filing for bankruptcy, you can negotiate with your creditors or even hire the services of a credit counselor or debt settlement firm who will negotiate with your creditors and help you establish a payment plan.


What are the advantages of credit card consolidation?

Credit card consolidation consolidates all of ones debt. Credit consolidation makes it easier to pay off ones credit card debt with a lower interest rate than most credit card companies.


Does accepting a pre-approved credit card lower your credit score?

Generally, anything you do that takes on more debt will lower your credit score.


Can business credit card debt affect my personal credit card balance?

A business credit card debt can affect someone's personal credit card rating. A credit report for an individual is processed by activity of one's overall credit. This means that having debt for a business credit card can hurt a person's chances of receiving lower interest for a home finance loan.


The One Credit Card Solution?

For some people, having only one credit card is the solution to staying out of debt. Having just one card makes it easier to manage your debt, pay the credit card off monthly and control your interest rate. Some take it a step further and stash their one credit card away for emergencies. If you have one credit card that you pay off each month, you have leverage to call your lender and negotiate a lower interest rate. Lenders want to keep customers who know how to manage their debt and how to not get in over their heads. You can use this to your advantage.


You have high credit card debt what should you do?

You could consolidate at a lower rate.