How to Negotiate Discover Card Debt

No one intends to get behind on credit card payments, and you certainly didn't mean to be over extended with your Discover credit card, but now that you have this problem it is imperative that you correct the situation as fast as possible to protect your credit. Finding out how to negotiate Discover Card debt will help to ensure your financial future.

Instructions

1

Access the amount of debt. Review your statements or go to Discover's site or contact a representative at (800) 347-2683 to get a better idea of the amount of money you currently owe, your current interest rate, whether you've been accessed any fees and if you are currently delinquent on any payments. See Resources for link.

2

Weigh your options. If you are having financial trouble and this is the reason you have not paid your bill then visit sites like FTC.gov to find detailed advice on budgeting. For instance, the site recommends that you list all your expenses, income and make a firm commitment to live within your spending plan.

Consider going to an accredited debt counselor or finding information on getting a consolidation loan. No matter which option you choose, you will need to do a budget to consider all your basic needs, such as rent or mortgage, food, utilities and gas for your car Also consider other monthly bills, such as insurance for you or your vehicle. Look at how much take home pay you receive and estimate how much you can put into paying off your debts.

3

Talk openly to Discover financial counselors. Contact Discover's financial counselors at (800) 347-2683 to discuss your situation. Be open and honest and tell Discover that you would like to negotiate your Discover card debt. If you have been on time up to this point or for a number of years until your present situation, then try to negotiate the late payments off your present debt. Also ask if fees for ATM use can also be removed. You might not be successful, but it is a good idea to at least try.

4

Step up a realistic payment plan. One that with budgeting you can actual pay back. Do not let yourself get talked into any agreement that will be such a hardship that any further misfortune or emergency will cause you to fail at making the payment. Most companies are willing once they understand your determination to pay them back, they will accept reasonable payments.

5

Offer to make a reduced lump payment. If you prefer to make a lump sum payment, you can offer a settlement payment of at least 25 percent of the total balance of the debt. If you are getting a consolidation loan, do not mention this during your negotiations. If you are seeing a debt counselor then ask, if the company can help you when making this call and working out the negotiations, or if someone can help you go over any settlement agreement you are thinking of signing.

6

Make all your payments on time. Once you negotiate a payment schedule, make all of your payments on or before the scheduled payment due date. Also, carefully monitor your credit rating carefully by going to sites like Equifax or Free Credit Report so that you can make sure that your payments are being received, your balances are going down and that your credit is improving.