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Posts Tagged ‘credit card’

Credit card companies are often made out to be the bad guys, but if you are about to have an emergency , or are just trying to work yourself out of debt, credit card companies can be very kind, all you have to do is negotiate with them. If you are about to run into trouble, or if you have a great record with them they are usually more than happy to help you out and make sure you can pay your bills on time. They would rather you pay your bills and they earn a little less money, than you stop paying your bills and they get no money. If you stop paying, not only do they not get the extra money from the interest rates, but they are also in debt the amount you once were.

Call your credit card company and tell them your situation and ask for a lower interest rate. If you have been paying on time for most of your time with them, you might be able to get them as far down as 3% less than the national average. If they do this, make sure you will still be able to pay off the card. If you have recently lost your job this might not be the way to reduce your debt. If you haven’t been all that great with your payments they may still help you. Some companies are also willing to waive fees if you ask them nicely. These fees can be things like late payments, checks, or money through your ATM, although they usually won’t apply it back in time, and some companies won’t budge at all on these fees. It really depends on what salesperson you have, your history with them, and the company policies.

If you haven’t been making your payments on time, ask them to help you set up a payment plan . This payment plan usually means that you won’t be able to use your cards anymore until they are paid back, but you won’t be paying the minimum payments, it will be a lot less. If you are on a payment plan, make sure you make all payments on time, even if it means taking the advise of celebrity Montel Williams and taking out a payday loan. This won’t get you out of debt, but will keep you from losing the agreement you have with the credit card company. If you have been paying on time, they usually figure that you can handle it, even if something terrible has happened like losing a job. You may have to renegotiate this one later. If that doesn’t work, they might settle for a one lump sum up front of about 25% of the total. If they will allow you to do this, you should take it.

As with all things with credit companies, get each and all of these agreements in writing, otherwise expect them to suddenly forget the agreement you made.