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Wednesday, November 18, 2020

Haggling With Your Creditors


Credit card debt is really a menace, and many people are facing it around the globe. Credit card debt consolidation and bank loans are well known to reduce and eliminate credit card debt. In all this confusion, credit card debt negotiation almost gets forgotten. 

Well, credit card debt negotiation starts right from your credit accounts, where you have the most hard-hitting credit card debt. This means credit card debt negotiation has to be taken up with your current credit providers. Before you misinterpret it, let me clarify that we are not talking about chucking off a portion of your debt through credit card debt negotiation. We are talking primarily about using credit card debt negotiations for getting the APR on your current credit cards reduced to some lower figure. 

So, credit card debt negotiation is about talking to your current credit card suppliers to inform them about your intention to clear off your credit card debt and using your skills (credit card debt negotiation skills) to agree to a lower APR rate with them. Basically, credit card debt negotiation is about asking your current credit card suppliers for help/assistance in clearing off your credit card debt. 

If credit card debt negotiation is successful, it will save you money (due to the reduction in APR) and the hassle associated with looking for a new credit card (to transfer balance). 

However, if the credit card debt negotiation with your current credit card supplier doesn’t yield the desired results, you will have to look for other credit suppliers who can help you consolidate your debt. Again, you will need your negotiation skills (rather than credit card debt negotiation skills) to get a good deal from them. 

If your credit card debt negotiations work out well, you might be able to get a deficient standard APR, or you might get a longer-term on 0% APR (or you might get both). These are really the most important things, and your credit card debt negotiations should concentrate more on these than anything else. 

The other thing to include in your credit card debt negotiation would be the credit limit and other benefits. Here, you are basically trying out the possibility of getting a better credit card as part of your credit card debt negotiation. 

For people with an abysmal credit rating, getting an unsecured bank loan or getting another credit card (for balance transfer) is really difficult. For them, getting an unsecured bank loan or credit card is what you would term credit card debt negotiation.

So, don’t hesitate to go for credit card debt negotiation. It is surely an option available for all.