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The key to successful negotiation is knowing what to ask for and how to present your case.
One in three Americans alsoface delinquent debt.
If that overdue debt is with your credit card company, there are ways to ask for help.
Make certain you review your credit card debt to see where you stand.
Remember, asking for better terms can save you several thousand dollars.
This may be a sign to reevaluate how you approach your credit card.
When Is the Best Time to Negotiate?
There is an ideal time tonegotiateyour credit card terms.
Companies may be more willing to help at this point.
Many have hardship programs.
If youve checked yourcreditrecently and noticed that it has improved, call to negotiate a lower interest rate.
Also, you have more negotiating power before your account goes into collections.
What Can You Negotiate?
You may think that credit card companies are unable to budge on their terms.
These companies will be willing tonegotiatewith you because some payment is better than a complete default.
Be firm but polite, and explain why you need help.
Call the credit card company and see what they are willing to do.
Typically this lump sum payment is lower than the amount you owe.
You should be able to clearly explain why youre asking for help.
Let the representative know if youve had a medical emergency or youve suffered a job loss.
Heres how to approach it:
Negotiating vs. Credit Counseling: Whats the Difference?
Negotiating andcredit counselingare two different approaches totargeting credit card debt.
Want more tips?Explore more on credit card management here.
Information is accurate as of March 19, 2025. you could learn more about GOBankingRates processes and standards in oureditorial policy.
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