Many people have struggled with overwhelming debt since the crashing of the economy. More people than not seem to be struggling with credit card debt in particular, mostly because it’s very easy to fall into debt with credit cards and getting out is never as simple as getting in. Traditionally, one of the first things an individual wrought with credit card debt would do is go and negotiate with the credit card company, using their loyalty as a bargaining chip to get the company to lower their debt.
Unfortunately, this is not quite as easy as it used to be, with credit card companies slashing credit lines and hiking interest rates. This is because so many people have failed on their credit cards that the companies are trying to reduce their losses – and as a result, it’s gotten a lot harder to negotiate with credit card companies.
What Can We Do?
Luckily, you have the right to enter into a credit card negotiation. The best way to try and negotiate with credit card companies is to wait until you have a competing offer in your hand. In the past, threatening to walk away was often enough to get a credit card company to change its tunes, but in the current economic crisis things are different. If you have a competing offer in your hand, it’s easier to get a credit card company to give you a better rate. If you don’t have a comeback for the potential credit card representative declining your request for a better rate, it’s likely that you’ll never get the better rate! You can also hire a legal representative to help with the negotiations. A lawyer that deals with debt and financial representation can help you win the battle against creditors.