Negotiating Credit Card Payoffs

Are you sick of swimming in all the credit card debt that you have? Do you want to payoff your credit cards and be done with it for good? There is a great way to negotiate credit card payoffs so that you do not have to pay the full balance and here are some tips to help you save money.

First, if you do not think this is something you can do yourself, then you can consider hiring a lawyer or a debt service to negotiate for you. Depending on the service will depend on the cost and it is usually a percentage of how much they can save you on your bills. However, you can do this yourself as well and it will only cost you some of your time.

To negotiate your own credit card payoffs you will need to be armed with what the credit card companies are working with. You will also need to know what you can afford and whether you are looking for a full payoff in one payment or a payoff over a few months with multiple payments.

It is always easiest to start with your credit card that has the smallest balance and work from there.

Next, you will want to make the call and be prepared to make an offer. Make sure you communicate that you want to pay the debt off and your timeline for doing so. It is always easier to negotiate with an older delinquent debt than one that you are on time with and make payments on.

Offer them about 40% of the balance owed, but do not expect them to accept this. They probably will negotiate with you and will settle for somewhere around 60% of the balance. When you come to an agreement request that it be mailed to you and be made good for 30 days. This gives you time to pay off the debt and be done with it.

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