If you want to get out of debt, one of your best options is to opt for a process known as debt settlement. With debt settlement your credit card companies agree to accept less than the amount of money you actually owe. Not all credit card companies agree to debt settlements, but there are some steps that you can take to gain leverage over them.
Explain The Situation Dramatically: Now you aren’t competing for an Oscar, but use this to your advantage. State you have run into financial trouble, you cannot pay your bills, and feel bad. You want to do something, but that something can only be done if you were to owe less money. If speaking with the credit card company yourself, play the bankruptcy card. They are more likely to agree to a settlement if they feel you are at risk for declaring bankruptcy, because then they would get nothing.
Be Backed By a Professional: Yes, you can start contacting your credit card companies yourself. You can try with all your might to get them to agree to a settlement offer. Rarely will you hear a “yes” right away. The credit card companies want as much of their money as possible. They may not agree to your offer that eliminates 50% of your debt, but they may try to get you to accept 30%. They are banking on the fact that you are desperate. Don’t be desperate. In fact, don’t even be there to accept a lesser offer; let a professional settlement company do the work for you.
In short, you can gain leverage over your credit card companies by keeping the above mentioned points in mind. Whether you want to hire a settlement company or just gather more information, visit the online website of a debt relief network. On that website, you should find a collection of helpful tips, as well as the contact information for some of the best debt settlement companies in the industry. Good luck!