Can I Call My Credit Card Companies and Ask Them to Lower My Balance? – Yianni

“Dear Steve,

Can I call a credit card company and ask them to lower the amount and I can pay that in full. So if I owe 2800 for one card can I tell them I can afford to pay 2200 right now to pay it all off. Maybe they have a hidden 10% option? I am thinking that you have to go to be at a stage of collections to make a deal??


I asked my friend Mike Killian to answer your question for you. I wanted to make sure you got an answer as quickly as possible as I’m a bit backed up at the moment. I’ll be watching the comments on this question and be around to help if you need me.

Dear Yianni,

You can always call a company and ask for a lower interest rate. You can also always call for a lower balance. This is known as Debt Negotiation. There are companies out there who do debt negotiation as a business.

But you should know a couple things about debt negotiation before you try it. For example a professional debt negotiator does not do anything that you cannot do yourself. They just often do it a little better because they have had more experience.

But you should also know that some companies will not negotiate and rarely will they negotiate unless they think that is the best deal they can make. Consider if you loaned money out. Would you take less unless you thought that was the best deal you could make? One of the few ways do make it look like it is the best deal for the company, is not pay them for a few months. But understand if you do this, your credit and credit score will take a nosedive.

Okay so now you have not paid a company for a few months and they are ready to negotiate. Consider this – any debt forgiven above the amount of $600 will be considered taxable income by the IRS as added income. Additionally, recent evidence is tending toward a good possibility that the debt could come back and haunt you as unpaid. This latter fact does not happen often but can happen.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
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So therefore to answer your questions, yes it can be done but is it a wise thing to do? This is what you must answer.

Please update us on your progress by posting updates here in the comments section of your question and answer. We are all 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. We are happy to help you totally for free.


Mike Killian is founder of Learning Credit and Debt Management. He has been writing and teaching about credit and debt management issues for over 12 years. His articles have been referenced by various members of the media, including MSNBC and The Motley Fool. Mike has also offered debt elimination seminars to businesses and community colleges for many years.He has an MS in counseling and is a nationally certified as a Personal Finance Counselor. Mike can be found at LearnCreditManagement.com/.