Wipe off Your Debt by Up to 50% by Negotiating with Your Creditors.
If your credit card debt is more than $10,000, then you have a great chance to wipe it off by up to 50%.
When credit card companies see that you are having trouble to pay your debt off, usually they will be more than willing to negotiate your interest rates and even forgive you up to 50 percent of your current debt.
More and more people get so deep in debt that the only choice that they have is filing for bankruptcy. If they do that, credit card companies end up losing a lot of money, so it is better for them to let some of your debt go to have you pay the rest of it off.
Often you will be able to wipe off 30-40 percent of your debt, but if everything goes well, you may be able to cut off a half of it. The ability to negotiate plays a huge role in how much debt your credit card company is going to forgive you. Always start your negotiations by asking for a larger payment reduction, such as 70 or 70% off but be willing to settle for a smaller amount.
If you debt is less than 10K your chances to reduce your debt are slim, but you still can ask your company to lower your interest rates. If you have been making timely payments for a while, it is reasonable to ask your company to reduce your interest rate by 2 percent.
If they don’t, tell them that you will close the account and transfer your balances to a new card. This works almost every single time.
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Don’t forget that you are killing your credit score by asking credit card companies to forgive your debt. This also means that it is very unlikely that you will get another credit card with that company again.
You are much better off trying to negotiate the interest rate than getting them to forgive your debt.
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