Summary
The article explains that negotiating credit card debt can help borrowers reduce payments or settle balances if they face financial hardship. It advises reviewing all accounts first to confirm balances, interest rates, and payment history. Borrowers should then decide on a strategy, such as a lump-sum settlement, a hardship program, or a structured repayment plan. Next, they should contact the credit card issuer’s settlement department and clearly explain their financial situation while proposing a realistic offer. Experts also recommend starting negotiations before accounts go to collections, documenting all communication, and obtaining any agreement in writing. However, settlements may hurt credit scores,s and forgiven debt could be taxable.
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