You don’t have to be a financial professional working out of an office building to be able to call each of your creditors in turn and negotiate lower payments on your credit cards. Even though many people in America decide that their only option is to call some sort of financial advisor to help them out of a credit card mess, you don’t have to go that route. You can handle your own financial affairs sitting at your kitchen table! You’ll be able to reach an agreement that is just as fair as any that a financial professional could obtain for you. All you need to know is what to say to your creditors, and the best way to go about saying it.
The first thing you need to do is to write a very professionally worded and written letter to each of your creditors. You can use the same basic letter for each and just change the information around to suit the kind of credit card the letter is referring to. In this letter, tell the creditor that you are interested in working with them to negotiate lower payments on your account. Then, tell them why you need this to happen. If you have been ill and in hospital, or were let go from your job, be sure to tell your creditors all about it.
Now, you certainly don’t want to make up situations to try and gain the sympathies of the credit card companies! This is truly bad form, and could backfire on you, too. But do give the details in your letter that you think would help to explain why you believe you need lower payments, or even a reduction of your total balance. Let them know how lower payments would not only benefit you, but would benefit their company, too.
You’ll find that your creditors aren’t quite as bad as they have been made out to be. They would of course like to receive the full amount due to them, as this is how they make a profit. But they do want to receive some money from you, and realize that if they refuse your request, there is a chance that you could file for bankruptcy to get some debt relief. They know that if this happens, they wouldn’t get any money at all. So, they are willing to work with you and at the very least, meet your demands halfway.
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