Reader Questions

How Do I Negotiate a Fair Settlement With My Creditors? – Bob

had this credit card for 69 months
avg credit limit 7,317
purchases 27,669
payments made 27,101
interest charged 5,503
extra fees 258.00
starting interest rate 5.90% 7-25-04
current interest 25.24% 8-24-10
current balance owed 6,454
never missed a payment,but was late a couple of times

How do I negotiate a fair settlement with this credit card company. I feel they have taken advantage of me.

Bob




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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.

2 Comments

  • Hello Bob,

    That depends on what you want to do. In short, you don’t pay them for several months and then negotiate a less than full balance settlement. That of course will have some negative ramifications and there is no guarantee the creditor will settle.

    Whether or not this is what you should do, I couldn’t tell you without knowing more about your financial situation and your goals. Perhaps you may just need to get the interest rate lowered back down so you can pay of this card in a more reasonable amount of time and in a more conventional way.

  • Hello Bob,

    That depends on what you want to do. In short, you don’t pay them for several months and then negotiate a less than full balance settlement. That of course will have some negative ramifications and there is no guarantee the creditor will settle.

    Whether or not this is what you should do, I couldn’t tell you without knowing more about your financial situation and your goals. Perhaps you may just need to get the interest rate lowered back down so you can pay of this card in a more reasonable amount of time and in a more conventional way.

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