How to Negotiate a Settlement With Chase

Credit card debt plagues the homes of countless Americans. During these difficult economic times, many people have found themselves owing more on their credit cards than they are capable of paying each month. Fortunately, negotiating a settlement with a credit card company is a common practice that can yield positive results and eliminate stress. Making the effort to negotiate with Chase (or any other creditor) can have a less dramatic effect on your credit score than defaulting.

Instructions

1

Determine the balance you owe on your credit card. You can find the balance on your monthly statement or by logging onto your account (see Resources). Of the balance you owe, determine how much you would like to try and settle for. Credit card lenders will often settle for 40 to 50 percent of the debt.

2

Call Chase. When you reach a representative, pleasantly explain that you are experiencing unexpected financial difficulty. Request that they settle your debt for the amount that you predetermined. While remaining polite, make it clear that if they are unable to accommodate your request that you will be forced to take more dramatic measures and file for bankruptcy. If you reach an agreement with Chase, request that you receive a copy of the terms in writing as soon as possible. If Chase is unwilling to cooperate, consider enlisting the help of a debt settlement company.

3

Find a debt settlement company. This is only necessary if you are unable to reach an agreement with Chase. Debt settlement companies will often be able to settle debt for 25 to 50 percent of what is owed. Be mindful of the fact that they charge for their services and will often require that their fees be paid up-front.