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Do you know how to negotiate credit card debt?

Before you come to the conclusion that bankruptcy is the only way to escape credit card debt, you should think about one other thing: negotiating with your credit card company.

If your debt is too much for you to handle, don't hesitate to contact your company and ask if there is anything they can do to help you out. This sounds like a long shot, but you may be surprised at what happens.

To start, you want to discuss your many options. For example, you may be most interested in a lump sum settlement. With this, you offer to pay a lump sum in order for the rest of the debt to be wiped clean.

As you move forward, you should also learn more about how your credit card balance breaks down. How much do you owe in fees, such as those for making late payments? You may ask to have these removed as a means of making your balance more manageable.

Finally, make sure you talk to the right person. For example, a credit manager has the power to make decisions in regards to your debt. You want to start out by speaking with somebody who can actually help.

There is no way of knowing what will unfold as you begin to negotiate credit card debt. The best thing you can do is know your numbers, inside and out, and then get on the phone with the right person.

When you take this approach, you'll gain a better understanding of your situation and the steps you can take to eliminate your debt in the future.

Source:, "Credit card debt negotiation in 3 (not) easy steps," accessed Aug. 09, 2017

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