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How to Repair Your Credit Through a Credit Card Negotiation
By Talha Alvie on January 10, 2011.

credit-cards-(1).jpgCredit card negotiation is a tough process, but it is possible. While the best solution is to avoid falling into excess debt in the first place, here is a simple guide to settling your debt through a credit card negotiation.

The first step is determining the size of your debt. You can do this by calling the credit card company and asking them for a breakdown of your bill.

The next step is determining the type of settlement you need. There are four arrangements that you can make.
  1. Lump-sum settlement: A lump sum settlement will allow you to negotiate a settlement for less than the amount originally owed. Use this is you have a large amount of money readily available.
  2. Workout arrangement: Under a workout arrangement, a bank will temporarily eliminate or lower your interest rate. During this time your credit line will be cut, so you won’t be able to use your card.
  3. Debt management program: You can use an outside debt counseling service to make arrangements with your creditors on your behalf. Creditcards.com recommends an agency affiliated with the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies.
  4. Forbearance program: Offers a brief break from full payments, but you will still owe the same amount.
Once you’ve determined the size of your debt and the type of settlement you need, it’s time to call you credit card company. Let them know that you need to talk to someone that handles settlement arrangements. Explain to them that you want to pay and you need their help. Make sure to follow up consistently.

Of course, it’s in your interest not to fall into overwhelming debt to begin with. Keep a realistic, flexible budget. Use credit cards sparingly and make sure you know what your interest rates are. Most importantly, do your best to live within your means. Doing so will keep you from having to go through the hassles of debt settlement.
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