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Tame Your Credit Card Debt by Negotiating a Reduction

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The following is a guest post by Michelle Blackmore.

Amongst all other financial problems that most are likely to face, credit card debt happens to be one of them. In fact, as per majority consumer opinion credit card debt is one of the greatest nightmares possible and tackling it can really need some hard work. So if you’re weighed down by credit card debt, then one of the first things you should take care of is to get rid of it and that too as soon as possible. There’s no need to panic unnecessarily for fact remains that you’re not the only person reeling under credit card debt at present. But it’s definitely on you to get your situation right.

Negotiate to reduce your credit card debt

Fact that you’ve got to negotiate your credit card debt makes it essential that you do things right and that too as soon as possible. Negotiating credit card debt successfully can actually help reduce it to a great extent and then you should find it easier to pay them off.

  1. Get hold of all documents: When it comes to negotiating your credit card debt for a reduction, then it’s extremely important to get hold of all your recent credit card bills and other related data and that too as soon as possible. This is important for unless you’re aware of where exactly your credit card finances stand, you won’t really be able to go about things smoothly enough. Moreover, you’d need proof to supplement your negotiations.
  2. Verify credit card balance: You need to then verify your credit card balance. You can do so by calling up your credit card company’s customer service number. You can easily find this number on your credit card statement. Once you’ve called, speak to the customer service representative about your credit card balance. You should also get your credit card account information verified. You could also specify that you’re interested in entering into an agreement to pay a reduced balance and that too because of the financial difficulties you’re facing.
  3. Start requesting and negotiating: In case the initial customer service representative isn’t willing to negotiate, then you can escalate your request as well as your negotiations. If not the representative, then understand that a supervisor might be able to help out and be willing enough to negotiate. Understand this for a fact that you’re not to give in if you really wish to reduce credit card debt.
  4. Write out a business letter: After that you should write out a business letter to the supervisor of the customer service department. In this letter, include details like your account number as well as the full name of the account holder. Begin the letter with a direct request asking for credit card debt reduction. Be sure to furnish reasons like why you’d like this reduction and the exact offer you’re making.
  5. Push towards a resolution: Be sure to constantly follow up and push towards a resolution. Call up the credit card company within 1 business week if you don’t get any response. It’s on you to make them accept your offer and don’t give up before that.

Follow the 5 basic steps discussed above and negotiate reduction for your credit card debt as soon as possible. Once that’s done, be sure to pay it off and handle your finances carefully next time onwards.

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