6 Thoughts on can i ask my credit card company for a debt settlement if i owe to much and can’t make payment?
  1. Reply
    Alicia D
    November 9, 2011 at 3:59 am

    Call them and ask. That’s about all you can do. Hope for the best. And stop spending so much money.

  2. Reply
    Tim
    November 9, 2011 at 4:28 am

    Yes. You should be in direct written contact with your credit card company updating them on your financial status. A settlement or, worse, a default on debt will have a serious knock on your credit. However, they may be able to delay the interest, payments, or even reduce the outstanding balance. The key is to communicate via certified mail often and professionally.

    You also need to seek out financial counseling. We have patterns of negative behavior that can put us right back into trouble, and it is important to understand how our financial decisions influence our credit and others’ trust in us.

  3. Reply
    Peachy
    November 9, 2011 at 5:00 am

    If you ask for a debt settlement, they’re going to give you a much HIGHER number than your monthly payment amount and ask you to pay that within a few weeks. So if your balance is $ 10K, they may ask you for, say, $ 3K, if you can pay it right away…which…if you can’t make your payment, you can’t come up with that much, either…so I doubt this would help.

    I’d find a good Consumer Credit Counseling Service (contact your local Better Business Bureau), and take your bills and go sit down with them. They can make arrangements for you with your creditors and lower your payments and interest a great deal.

  4. Reply
    tamiam
    November 9, 2011 at 5:11 am

    I had this situation before. They lowered the interest rate extremely low for one year, stopped all over the limit and late fees. I had to set up automatic monthly payments, but you wouldn’t believe how much my balance came down from doing that for a year. If you try and settle for a lesser amount, they will want all that money right then–or really soon. good luck!

  5. Reply
    Jody S
    November 9, 2011 at 5:52 am

    Yes you can ask them. And if you are not able to manage by your own you can even go for a debt settlement program or debt management plan where a debt counselor on your behalf negotiate debts and reduce your debts. And there after provide you with an affordable debt management plan wherein you have to pay only one payment per month.

    Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference.

  6. Reply
    Ms M
    November 9, 2011 at 6:22 am

    The best option for debt trouble is negotiating your debts with your credit companies to keep the payments from swallowing all of your income. Typically, you have to get a counseling agency to call on your behalf. If you try to work with them yourself, many of them will not cooperate with you because you are not enrolled in credit counseling. Try http://www.womenindebt.info. Good luck!

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