Initiating Credit Negotiations with Your Card Provider

: Chris Lee Law Firm

  Filed under: Credit

credit negotiationAre you struggling with your finances?  Has debt negotiation proven to be of little benefit for you?  If so, you might benefit from initiating credit negotiations with your credit card provider.  Credit negotiations can be a great way to demonstrate good faith and cut a deal with your credit card company.

Suggestions for Getting Started

Anyone who is owed money, whether a small bank, large corporation, or credit card company, likes to know that their borrowers show good faith intentions to repay them.  Demonstrating good faith intentions is an essential first step.

You might be struggling with making your payments, but your lender may not realize that you’re struggling.  Alerting them of your financial situation before you start missing payments can work in your favor.  You may even be able to enter into some credit negotiations that result in a better deal for you.

Also, try coming up with a payment plan that you think is feasible.  The more transparent you can be about your financial situation, the more realistic your payment plan will appear.  Pitch your payment plan to your card provider, and see what the response is.  You might be surprised how well-received this strategy can be!

Credit negotiations are always better than debt negotiation.  Just as you’d rather get an oil change than have to overhaul an oil-thirsty engine, credit negotiations are more desirable than debt negotiation.


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