Can I Reduce My Credit Card Debt by 50% to 70% and Pay It Off Without Damaging My Credit? – Robert
 | By Steve Rhode Ask me your question. |
|
“Dear Steve,
Recently had to take a 30% decrease in my Income, due to this I have maxed out my wells fargo credit card, they also just raised the percentage to 13.44%,
Can I negotiate a 50-70% deduction of my Credit card balance and pay it off with out it effecting my credit? can i get them to reduce my rate to 5% like my 2nd mortage? can i take 10K of this card and add it to my 2nd? my payement for this card is now 471.00 monthly?
Roger”
Dear Roger,
No, no, and no.
Any time you repay less than you owe it will hurt your credit report, lower your credit score and leave you with a big potential tax liability.
There is no incentive for the lender to reduce your interest rate. If you want to see if a creditor might lower the rate while in a credit counseling program, the click here for credit counseling information.
These days a 13.44% interest rate in a credit card is a good rate.
Besides a credit counseling program to reduce the interest rate, if you have a credit score above 660 you could checkout LendingClub.com for a fixed rate unsecured debt consolidation loan or bankruptcy to discharge the debt and turn it into 0% debt.
Big hug.
P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
Source: Can I Reduce My Credit Card Debt by 50% to 70% and Pay It Off Without Damaging My Credit? – Robert
Other Related Articles to Read
Do You Have a Get Out of Debt Question You Want to Ask?
I'm happy to answer any question you have about how to get out of debt, as honestly as possible by sharing with you my experience and truth that I learned from helping thousands of people to get out of debt. Don't be shy, if you need help, ask now, click here.And if you want to follow the latest questions and answers, just subscribe to my site RSS feed or get the email newsletter for free.
This answer provided by the credit card companies. Of course we say the answer is no!
[Reply to This Comment]