How to Write Credit Card Companies to Lower Debt

If you are struggling with credit card debt and are barely able to make minimum monthly payments, you can try to negotiate a debt settlement with the lender. The credit card company may or may not be willing to work with you. But you do not have anything to lose. Just be polite and explain your situation clearly.

Instructions

1

Type the letter as opposed to handwriting it. It looks professional and will be more legible.

2

Write the date, your full name, address and telephone number, as well as your credit card name and account number. Below that, type the name and address of the credit card issuer.

3

Write the introduction. Explain that you are writing in regards to your credit card and your inability to pay the balance in full and/or meet the monthly obligation. Mention any financial difficulties such as job loss or illness, but do not be overly detailed.

4

State that you want to work with the company to pay a portion of the debt even though your funds are limited. Propose an amount you would be able to pay and the date you intend to pay it by. Ask that the lender waive any penalties and fees in exchange for making payments.

5

Write the conclusion and ask that the credit card company acknowledge receipt of your letter and agree to the terms in writing.