RebelCapitalist: Financial Information for the Rest of Us

It May be Time to Make that Call

Jan 05, 2009 | By: Mr_Blue | (0) Comments | Permalink | Tags: credit cards, debt settlement, debt consolidation

It may be a good time to make a call to your credit card company particularly if you owe more than $10,000 and are falling behind in the monthly payments. Credit card companies may be more willing than ever to cut a deal on your debt. They are reacting to a potentially worsening economic situation and they want to make sure that they can get some money before it is too late.

This quote sums it up nicely:

“Consumers have never been in a better position to negotiate a partial payment,” said Robert D. Manning, the author of “Credit Card Nation” and a longtime critic of the credit card industry. “It’s like that old movie ‘Rosalie Goes Shopping.’ When it’s $100,000 of debt, it’s your problem. When it’s a million dollars of debt, it’s the bank’s problem.”

Credit card companies are not being charitable. You will still need to pay something back but the credit card company may work with you to structure a debt modification or payment plan that may result in a lower monthly payment. The best option right now may be to contact the credit card company directly.

Rate This Article Login | Register

Be a part of the discussion. Feel free to submit a comment and let the world know what you are thinking. But you have to be a member (membership is free). Login or register.

Feel free to personalize your comments with a gravatar.