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Negotiate Your Credit Card Debt To Save Money

Jul 22, 2008
When you're dealing with credit card debt, it can sometimes because difficult to keep up with all the payments. One of the ways you can deal with this is by working with a debt settlement company to negotiate your credit card debt.

A debt settlement company will take all your credit card debts and negotiate with the credit card companies to lower your debt and/or your payments.

The credit card industry is highly competitive. Interest rates are often negotiable when applying for a new card. A 0% interest rate for a period of time is common.

Firstly, Interest rates are negotiable. Your chosen debt settlement company will contact your credit card company and use their knowledge of competition as leverage to convince them to lower your current interest rate. You will then choose to lower your monthly payments or keep the same payment and pay off the balance faster.

Secondly, monthly payments are also negotiable. Your credit card company may be willing to allow you to stop payments for a period of months until you are able to start again.

Interest will continue to accumulate. Your balance will persist. But this rest period can allow you to get caught up without adversely affecting your credit score.

Thirdly, the type of credit is negotiable. Many credit card companies offer lines of credit that have lower interest rates than credit cards.

With good credit and security ratings, such as home equity, converting credit card debt into a line of credit may be a viable option, saving considerable amounts of interest.
About the Author
Searching for online debt consolidation information? Then check out the Inside Debt Consolidation website where you can sign up for your free 5 day e-course that will help you decide if debt consolidation is the right choice for you to get out of debt. Visit http://www.insidedebtconsolidation.com for more tips and advice.
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