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Negotiating with credit card companies

Most people in Florida have some credit card debt that they would like to get rid of. As a person's debt rises more and more, a person may become unable to afford the minimum monthly payments. Someone in this situation may decide to ask their creditors if they are willing to lower the monthly payments, lower the interest rate or accept a lump sum settlement.

A person who wants to negotiate with their credit card issuer should ask for the collections department when they call. Before asking for a reduced payment plan, a debtor should go over their budget so that they understand what they can realistically afford to pay. If a debtor wants to settle a credit card debt with a lump sum payment, it is usually best to suggest paying half of the principal balance.

Many credit card holders cannot afford to settle a credit card debt with a lump sum payment, so they may choose to ask for another kind of payment arrangement. Some credit card issuers are willing to subtract the interest and late fees from a credit card debt if they believe that the debtor may not pay the debt back otherwise. Once a payment arrangement has been solidified, it is important for a debtor to fulfill their end of the deal so that they do not lose the power to negotiate in the future.

When a person's credit card debt becomes overwhelming, filing for Chapter 13 bankruptcy may be the best solution for getting out of debt. An attorney may be able to help a debtor to determine whether they should file bankruptcy after assessing all of their other options like negotiating for reduced credit card payments.

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