How to Get a Credit Card Balance Reduced

When you've got a high amount of credit card debt, it's hard to make any headway even if you're making the minimum monthly payment. Fortunately, you may be able to negotiate with the credit card companies and get the balance(s) reduced. It only takes a few simple steps to see if any of your credit card issuers are willing make a reduction to help relieve your debt load.

Instructions

1

Gather all of your credit card bills and make a note of the accounts that have the highest balances and interest rates. Those are the ones to start with in your negotiation efforts. High balances give the card issuer more room to work, and if you can get a reduction on the balance of your high interest accounts, you can save a great deal of money in interest payments.

2

Call the customer service number of each account, and when you reach a customer service representative, ask who you need to speak to to negotiate the balance. Usually a front-line representative will not have the authority to reduce the balance. Don't waste time explaining your purpose and situation with someone who has no power to help.

3

Ask for a balance reduction, explaining your specific reasons for requesting one. Most credit card companies would rather receive a reduced amount than lose the entire amount if you declare bankruptcy or simply default on the debt. Rather than paying a collection agency to pursue you or having to write off the debt, they are often willing to take a lower balance.

4

Ask for a written confirmation of the verbal agreement. No matter what you agree to verbally and how reassuring the agent may sound, no agreement is final until it is in writing.

5

If you are not successful doing the negotiations yourself, call (800) 388-2227 to find a consumer credit counseling service. These agencies can handle the negotiations for you, and they have experience and know the right people to talk to within the major credit card companies.