Do I Need a Credit Card Reduction Plan?

For most of us, shattering credit card bills does not seem to register at first, until you get behind on one or overcharge on one or two. Then, it becomes a debt nightmare and you need to think about a credit card reduction plan. You also need to think about a change in your lifestyle as well. Aren't you tired of living with nothing left over at the end of the month but bills and heartache?

One way some people get out of debt is to negotiate their credit card debt. This will help ease the amount of interest that you are paying for each credit card a month.

Do yourself a favor and call up each of your creditors and tell them that you are considering closing your account if they can't offer you a better interest rate. Most of the time the Supervisor will get on the phone or someone with authority to lower your interest rate and this will happen. Most people either don't know this or don't take advantage of this. Be one of the smart ones and do it now.

What most people don't realize is how the big credit card companies think and manage. You are thinking that you have no choices and they have you right where they want you mentally. The truth is that many people default on their credit card debt and declare bankruptcy. With this in mind, the credit card company is more than happy to negotiate with you, even if they don't manage to offer you the rate you are looking for, they will usually give you some sort of an offer of a lower interest rate .

If you are comfortable with it, take it. If not, consider closing your account. Even though you will still have to make payments, you will not be charging anything else at this higher interest rate. Be warned, however, that once your account is marked "closed" they usually will not negotiate further with you in the future to relieve your debt. This will become your own credit card reduction plan.

If the debt moves into the next level, which is a credit card debt collection firm, you may be able to negotiate half of what you owe. It all depends on your debt and how skilled you are at negotiating your debt. Try this route before declaring bankruptcy.

Anyway, make a life change today by calling these companies yourself and it won't cost you a dime to ask. Isn't it time you slept well? Isn't it time you didn't have to worry about debt anymore? Aren't you tired of that nagging feeling? Change your rates, change your financial future. Do it for yourself and the ones you love.

Source by Kristie Chiles

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