Negotiate a Debt Settlement - Cred card debt settlement.?

Cred card debt settlement.?

Is it ture that I can call my credit card company and negotiate a debt settlement witch will reduce my debt with them? How does this work and how do I do it. I have a 5000 dollar debt with this card and it hasnt gone down at all with the payments Ive been making. Can i request a lower intrest rate too? Help

Public Comments

yes
Figure out the principal and then add 50%. Get in touch with them and tell them you're able to pay the principal plus 50%, but no more. If you can pay it in one lump sum, all the better--they'll be more likely to go for it.
Oh yes, this can be done. Especially if you are in default on your payments. If they were to turn over this $5,000 debt to a collection agency the credit card company automatically loses 50%--that is standard. If you offer them any amount over that (60% is good) they will usually take it . You must make sure they mark the debt as paid in full--and you of course, must have the money in hand to pay the debt in full at that time.
You may wish to look at a Credit Card that has a FIXED Interest rate for the Life of the balance(BUT YOU CANNOT SPEND ON THIS CARD!!-They will hammer you with Interest) The card that Springs to Mind is Capitol One-They Currently have 'Life of Balance' Services! Alternatively -if you know you can pay it Off in a Fixed period of time,then why not opt for 12 Months Interest FREE and Transfer to a card that Offers this service! Credit Cards are GREAT! If used wisely and Judiciously! Hope you get this Resolved!
yeah you can. you can request it.
Some things are better left to the professionals
May be may be not. You might want to check out the article I included in my resource box. Good luck!