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Do it yourself debt consolidation? |
Can you negotiate debt owed to a credit card company without using the aid of a company who specializes in this? If you agree to an amount to pay off each month and close the account can the credit card company stop the monthly finance charge? You can sometimes negotiate a monthly payment. However, the problem is that you need a payment amount that allows you to continue living, and generally this requires a change in your spending habits. It can be difficult for you to recognize and curtail your overspending on your own. I've been shocked when I've heard people tell me what their "necessities" are. Many believe they can't live without cable or DSL or unlimited cell phone minutes, or cell phone internet access, or a great many other things that many people have never had. So, the real question is whether you can be realistic about a budget which allows you to pay off your credit that you will stick to--all year, for several years, no matter what. I'm not too sure, I do know if you ask them to close the account and agree to pay each month, after the card is paid off, they may try to convince you to keep the card. yes and yes. the seconf yes is unusual, however. it depends on many factors. remember, you are negotiating without a trump card. do yourself a favor and stay away from companies who claim to rid of your debt. a haven for rip off artists. goto a credit counselor, it is free, and learn how to challenge things on your credit report and how to get out of the debt by paying a fraction of the bill. You can do it without the companies. Check out daveramsey.com. Hi, |
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