Negotiating
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Negotiating
| Sun, 05-29-2005 - 11:46pm |
I'm wondering if anyone here has ever had success negotiating interest rates or settlements with CC companies. I'm about 30K in CC debt and have been slowly chipping away at it for awhile now but it never seems to make any dent into the principal of the loan since I can only meet the minimums. I'd rather not settle with the creditors but I see no other way out for a long time if I don't try. Anyone ever have any experience,positive or negative,doing this? Thanks in advance!

the only luck I ever had was a "match pay". I was about 3 months behind and they told me if I made a payment, they would match it , up to 700 dollars. It happened twice and then that was it. It was with Universal card. You might want to ask for that.
good luck, those credit companies are hard to negotiate with! but, hey, it's worth a try.
kel
If they won't adjust your rates, there is an alternative to settlement or bankruptcy. My credit card companies wouldn't negotiate, but when I went thru CCCS, every one of them participated, and my rates went from up to 29.99% down to a maximum of 9.99%.
Not every CCCS agency is the same, and some people will tell you that going onto a debt management program will damage your credit worse than bankruptcy. I disagree. If your only problem is that your interest rates are too high because you made a couple of late payments, a DMP is not going to hurt you. I was just able to get a mortgage at the best possible rate, and that is the real test of whether your credit is good or not. If you go into settlement, that will definitely hurt your credit rating, and it *will* show on your credit report.
Kelly