Ways to lower credit card debt yourself !
Credit cards have become the intensifying problem among all. With huge debts on the credit cards, and the continuous harassments of the collection agencies, people have now opted for the legitimate services of debt reduction methods. With the introduction of the new credit card negotiation laws by the FTC, lowering credit card debt or even eliminating them have become a reality.
As these credit debts do affect the credit rating of an individual pretty badly, hence almost all have embarked upon various methods to eliminate them from their debt charts. One of the most sought ways for this is the credit card debt negotiation method which can be done either by yourself if acted and dealt with prudently or even by some debt settlement or management companies who would do the negotiation on your behalf. The latter would be costly as you would need to also pay for the services of the company, you enroll yourself into.
If you have decided to go by the method of handling it all by yourself, then there is nothing to panic about. You can very well negotiate to reduce your interest rates by calling the card companies yourself. Here’s what you can do.
1. Enlist all your outstanding dues, interest rates, and your payments for each credit card.
2. Call on each of the credit card companies and speak about your debt situation, and that you require assistance from them in paying off your dues. They would be surely assisting you, as they want their money back. Getting back something would always be more than welcome than losing all if you file for bankruptcy.
3. Request them if they could bring a reduction on your current interest rates.
4. Do this for each of the card you own. Never get de-motivated in case you get a refusal for the reduction on interest rates. Give a call again tomorrow. There may be a different person handling your call and might be ready for the reduction rates. Though it might sound strange but it is very much possible.
5. If you still haven’t been able to reduce your interest rates keep on calling but be polite and make it seem to them that it is a request.
Once you have got the card company to reduce your interest rates, you are now done with the phase one of your debt reduction task. Next comes the phase two part, where lies your determination & will power to carry on with various strategies to work out a plan to get it all set. Like if any of your credit cards has room enough to pay off your 2-3 cards, you could take this option. Check your credit rating and also get a copy of your credit report for this process. You are lucky to go on with this process if your score stands anywhere above 580. Next you need to call on to the card where you have made almost timely payments and mention that you have some credit available and that you want to consolidate your debts and want to bring in all the other cards debts to them. Also request them for a reduced interest rate for 10-12 months for the balance transferred. Most of the card companies would take this offer, as it brings in business for them! By this you can get rates as low as 2 percent!
Similarly, you can embark upon various strategies to work out the payment plan, once you get a reduction in the interest rates from the card company.
Lowering credit card debt or eliminating it completely depends solely upon your attitude and determination to go about with things. If you have got into this state by your misusing acts, your prudent acts should also liberate you from this debt traps. To know more visit http://www.bestdebtcare.com/
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