How to Get Credit Card Companies to Lower Payments

Requesting your credit card company to lower your payments can be an ideal way to save money. Most credit card companies will only lower your monthly payments during a hardship. A hardship can include job loss, childbirth, death in the family, disability or chronic illness--to name a few. Speaking with your credit card company about ways to lowering monthly payments may preserve your credit history and save you money during your hardship.

Instructions

1

Gather all of your credit card bills. Among other things, your credit card bill will have the account information, monthly payment, total due and the customer service number.

2

Call your credit card company and be ready to explain your situation. Most credit card companies have a special department that will assist their customers with payment arrangements. The representative will ask specific questions regarding your hardship and determine if the situation is permanent or short-term. The representative will ask questions regarding your current debt and income.

3

Try to negotiate a monthly payment that fits your budget. The representative will review your account history and make a recommendation based on what she think you can afford. If the suggested amount doesn't fit into your budget, negotiate your monthly payment.

4

Ask for a lower interest rate. Most hardship programs will automatically lower your interest rate. If this feature isn't offered to you, ask if you can temporarily have your interest rate lowered for a specific period of time.