If you’re like most people, the heavy burden of debt can make you feel alone, ashamed and frustrated. The calls from creditors are constant and no matter what you try, you can never seem to catch a break. It can feel like you’re on a never ending treadmill and you just want to hit the pause button for a second so you can take a breath.
We might have a solution for you – keep reading.
Did you know that you can actually negotiate with credit card companies to reduce the amount that you owe?
When you owe credit card companies large sums of money ($10,000 or more), instead of risking you going bankrupt and not paying them anything, they would actually rather settle for less money than you owe so they at least get something. Sounds a bit crazy, but it makes sense right? If someone owed you $20 but got into financial trouble and could either pay $10 (negotiate) or $0 (go bankrupt), you’d probably take the $10 right?
The question now is – how do you do this? Well, we’ve found 2 options:
Option 1: Negotiate With The Credit Card Company Yourself
This is definitely an option, but bit’s not an easy process. You basically need to contact the credit card company and negotiate a lump sum payment that you can afford to pay them in order for them to reduce the debt amount owing. You need to call them and be aggressive. Remember, they’ll want to get as much money out of you as they can. They key here is that you have to stop making payments until they finally accept an amount that is lower – but remember, you still need to be able to pay the lower amount.
Option 2: Let Experts Negotiate For You
There are companies out there that will do all this on your behalf. Why not just do it yourself? These companies have trained negotiators on staff who’s sole job is to negotiate down their clients debts. Because they’ve done this for over 600,000 people, they know exactly what steps to take to reduce their clients debts as much as possible. Freedom Debt Relief is one that we’ve seen work for a lot of people (They’ve resolved over $10 Billion in debt since 2002). If you’re looking for proof that they work, they have a 5/5 star review rating on Trustpilot on over 20,000 reviews.
They have one objective: To help you resolve your debt for much less than you owe and get you out of debt as quickly as possible. It’s a pretty easy first step:
- Step 1: Fill out this form to make sure you qualify and setup a quick phone call (totally free, no obligation) with their friendly agents, they can help you figure out if this is a good fit for you and how they can help
- Step 2: They’ll create a customized plan tailored for you based on your needs (you’ll actually have next steps as early as today)
- Step 3: They’ll explain to you the next steps over the phone and how they can best get your debt down
Pros & Cons
- Great credit is not required
- Debt amounts owing can be significantly reduced
- Clients can become debt-free when they complete the program
- Can impact your credit score negatively
- Fee assessed for negotiation services
|Debt Relief Company||Review||Website|
- Over 600,000 clients enrolled
- Free, no-risk consultation
- Over $10 billion resolved since 2002
Debt relief won’t be for everyone. If you have strong credit, you may be able to look into a personal loan as well. (See our top personal loans for debt consolidation here). You can use this to roll all your debts into one simple monthly payment and save a bunch on interest. You won’t be able to negotiate your rate down, but it can help manage your monthly payments.
Still interested? Try them out for yourself – check them out at freedomdebtrelief.com, fill out the form, and see if they’re a good fit for you.