Latest Posts
Home > Ask The Get Out of Debt Experts > Can I Reduce My Credit Card Debt by 50% to 70% and Pay It Off Without Damaging My Credit? – Robert

Can I Reduce My Credit Card Debt by 50% to 70% and Pay It Off Without Damaging My Credit? – Robert

“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?


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 for a fixed rate unsecured debt consolidation loan or bankruptcy to discharge the debt and turn it into 0% debt.

Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • george

    This answer provided by the credit card companies. Of course we say the answer is no!

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.