How to Negotiate Credit Card Debt Forgiveness

In hard economic times, credit card debt can be overwhelming. In some cases, creditors--just like the rest of us--are trying to take what they can get rather than hold out for full payment. If you have generally been a good and reliable bill payer but have recently faced financial hardship, you may be able to negotiate partial credit card debt forgiveness with your creditors. However, be aware that this may negatively impact your credit history and score.

Instructions

1

Familiarize yourself with your individual credit history with each credit card for which you want to negotiate credit card debt forgiveness. Make sure to keep notes on which cards, if any, have had late or missed payments, particularly in the last six to 12 months.

2

Read your most recent credit card statements thoroughly. Make sure you know your current interest rates.

3

Call the customer service numbers listed on each of your credit card statements. Speak calmly and politely to each customer service representative, and ask directly if there is any way your balance can be negotiated.

4

Be prepared to provide evidence as to the reason for the financial hardship that is rendering it difficult for you to pay your credit card bills as agreed. Explain any recent job losses in your household, medical bills or other unexpected hardships that are impacting your ability to pay.

5

Send supporting documentation by fax, e-mail or postal mail if your credit card companies request it. Make sure to use certified mail with a return receipt if you send documents via postal mail so that you have evidence for your own personal files.

6

Stress your customer loyalty up to this point, as well as the positive credit history you have built with each creditor. Explain that you hope such loyalty can be looked upon mercifully since you have fallen on hard times.