What To Say When Settling Credit Card Debt

It is amazing how many people do not realize that you are more than capable of settling credit card debt for yourself instead of letting it get to an attorney. Remember that the credit card company will charge you for their attorney fees so it can really add up if you do not take the responsibility of settling credit card debt yourself. Besides, the reality is that your credit card company does not want to get the lawyers involved. They would rather be settling credit card debt with you directly as opposed to getting lawyers involved. Try calling them and take responsibility for the debt you have accumulated to this point and you will be very surprised at how open the credit card companies will be to settling credit card debt even if you are many months behind on an already closed and delinquent credit card account.
The first place you can start when settling credit card debt is with the interest and service charges due. Take a look at what you owe and then start negotiating with your credit card company to see what they will accept as a settlement. They are much more able to negotiate over interest and service charges than the principle so you can start there with your settling credit card debt mission. Remember though that the interest and service charges are the credit card company's money and they are not going to be really excited to part with it so try and make a deal that works for both of you.
Then It Is On To The Hard Part
A credit card company is going to negotiate very hard for pay back of the principle you owe. The principle is the money you spent and it is money they have already paid other vendors. They cannot repossess that dinner you charged six months ago and they do not want to. The credit card company is not going to repossess or take anything, they just want their money. Asking them to mess with the principle is a tough request and do not be surprised if they will not move or move very little on the principle. If they gave you a deal on the interest and service charges then consider yourself lucky.
Whatever deal you make with the credit card company when settling credit card debt you better be ready to stick with. Few companies will give you a second chance and if you go back on the deal you made with them then the next thing you can expect is serious collections actions from outside sources.