How to Get a Credit Card to Agree to Cut Your Balance

Credit card companies have the ability to negotiate your account with you. Creditors realize and understand users fall into difficult financial situations. The credit card company wants to make money and will attempt to get as much money as possible from you. Your job in the negotiation process is to convince the creditor that you are offering the best you can possibly pay. It is important to realize that it is very unlikely to negotiate the balance you have charged unless your account is in default status.

Instructions

1

Sit down with your bills, and come up with the amount you know you can pay the credit card company. Can you pay a lump sum or are you wanting to pay in payments? Offering a lump sum payment to settle the account will provide you with the best chance of coming to an agreement. If the credit card company has closed the account and the account is in collection status, you are also more likely to be able to negotiate an agreement. Try to offer at least 25 percent of the balance.

2

Call the credit card company and tell the agent that you would like to talk to someone who has the authority to negotiate the balance on your account.

3

Begin by telling the agent that you are trying to resolve the status of your account but are unable to pay the full amount. Briefly explain your difficulty with paying the full amount. You must have a good reason, and you must be able to convince the agent that your offer is the best you can possibly do. Do not agree to any settlement that you cannot pay back, and remind the agent that your offer is the best you can do.

4

Remain respectful, calm and polite with the agent. The agent is trained to handle customers and negotiations, and being rude or disrespectful is not going to help your case. The agent also has the ability to leave notes in the system for future agents to read. End the call if the agent does not appear to be willing to help.

5

Call back to reach a different agent. The process of negotiating a lower balance or settlement can take many attempts before you are successful. If you are not able to negotiate, let the account age a bit more and try another round of negotiation attempts at a later date.