Credit Card Debt Settlement

photo credit: kainr

Dealing with collection agencies is always a sticky situation.  They are rude and difficult to work with.  Their want of your money trumps any sort of customer service, so don’t expect it.  The good news though, is that they want your money so bad that they are usually willing to take a fraction of it rather than none of it.  Negotiating a settlement is an effective way to reduce credit card debt.  They will usually have two options for you, one that is a lump payment that will be less than you originally owed, or a short monthly payment plan that will be a ton of cash each month.  Results vary, but this is fairly common.  The best thing to have is an offer of around 60% of your total debt that you can make upfront.  You and the collector can negotiate from there.

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