How to Get The Best Credit Card Debt Settlement

Getting a good settlement on your credit card debt can mean the difference of thousands of dollars. If you can receive even 5% less on your settlement you'll save a ton of money. This how-to will provide some steps to take to get the best credit card debt settlement.
A credit card debt settlement involves you contacting your creditors or collection agency after your credit card has defaulted or is about to. You will do some negotiation with them to see what price they are willing to offer. After a settlement price has been agreed on, you will usually have to make a lump sum payment right away or make a few large payments to get it taken care of.

Instructions

1

Get some cash. To get the best credit card debt settlement you should have a chunk of cash on hand. Ideally, you should have about 60% of your total debt amount. When you contact the creditors, they don't need to know that you have that much money, but you should still have some to smooth this process out and get you the best credit card debt settlement.

2

Wait as long as possible. I know this sounds counter-intuitive, but they are more likely to give you a better credit card debt settlement if it has been a really long time. Don't wait too long, they can take legal action to get their money.

3

Put on the "dog and pony show." Don't lie to get the best credit card debt settlement, but you certainly can be emotional when you are dealing with them. The people who work at the collection company are people too, and may react to your emotion and be a bit more generous. Be dramatic about financial hardships and other things that you've gone through since your credit card defaulted.