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Negotiating with Credit Card Companies is Worth the Effort
By Frank Jones on June 21, 2011

1070268_13971513-(1).jpgMany things in life can be broken down into the ratio of one percent inspiration and ninety-nine percent perspiration, negotiating with credit card companies is no different. Sometimes people simply need a swift kick in the pant and someone to point them in the right direction before they are willing to deal with a difficult situation. If you're one of those people or know someone who is, there you'll find inspiration below but the perspiration is up to you.


Inspiration
You may have heard debt settlement companies promising to lower your payments, remove your bad credit, and eliminate your debt with little to no effort on your part. I'm here to tell you the best you can hope for from these promises is to fall further into debt and despair unless you take ownership of your debt negotiations. Many credit card companies refuse to deal with debt negotiation services and will only settle your accounts if you are in charge of the negotiations. Additionally, there is nothing any debt negotiation service can do for you which you could not achieve without the high fees they will charge you. On the bright side, you could negotiate up to a fifty percent reduction in your credit card debt on your own, but you have to put the perspiration behind it.


Perspiration


Now that I've got you inspired to take on the task of negotiating with your credit card companies, here's a road map for your task. You will first need to educate yourself on the process of negotiating your debt. There are many articles online which describe this process as well as non-profit organizations in your community which may offer consumer credit counseling services. In addition to these services, the non-profit organizations in your community can provide guidance and support as you negotiate your credit card debt. The other thing you will need to look into before beginning to negotiate your credit card debt are ways to reduce your credit card bills. There is an art to paying off your credit cards which can snowball your efforts and help you pay off your debt more quickly. Only after doing this homework can you begin to contact your creditors and negotiate with your credit card companies.


Genius


I doubt that negotiating with credit card companies came to mind when Thomas Edison and various unknown others argued: "Genius is one percent inspiration and ninety-nine percent perspiration. Accordingly, a 'genius' is often merely a talented person who has done all of his or her homework." However, this old adage is just as true for negotiating with credit card companies as it was for inventing the light bulb or the telegraph. You must do your homework before entering into negotiations with your credit card company in order to ensure you will be able to hold up your end of any settlement deal that is reached. Additionally, you must be well educated on the pitfalls of bogus debt negotiation services in order to avoid their snares and outright lies. Healthy skepticism, a little research, and some help from non-profits in your community can help you along the path to do-it-yourself debt negotiations.
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