Learn How to Negotiate With Your Credit Card Company in Good Times and Bad

Negotiating in Challenging Times

Use these negotiating tips when you’re behind on your payments:

1. Get your credit information together. Have your last bill out when you place the phone call to them. Be prepared to be on hold for a time if necessary.
2. Ask to speak to the person who makes payment arrangements. The person you need to speak to may be a manager. Explain that you are interested in making payment arrangements to satisfy your debt.
3. Stay calm when you’re telling the person your situation. Explain that you’re having money issues and wish to work out a plan. Tell them what happened to you to cause you to fall behind on your payments.
4. Discuss decreasing the amount of interest that you owe. Ask them if they can reduce or eliminate the interest that you owe. Explain again that you want to honor your commitment to pay your debt, but the high interest is exacerbating the challenge.
5. Offer to pay a portion of your balance as a final payment. Ending the relationship would mean that your account would be closed. They might accept your offer, knowing that getting something is better than getting nothing at all. This is especially true if you’re considering bankruptcy and tell them that you may be going that route.
6. Ask them to remove their negative information from your credit report. Sometimes, they will agree to this. Ensure you understand their terms and get the agreement in writing before you pay them.
7. Thank them for their help when the call is over. Be kind and grateful when you’re finished speaking with them.

Learning how to negotiate with your credit card company can benefit you in numerous ways. For greater success, take the time to prepare for your negotiations and use these tips in your discussions.