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Unless you have multiple accounts that you need to negotiate and you think the project is just too big to tackle on your own, you're better off just calling your creditors directly.

Jean Chatzky

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Jean Chatzky
Age: 60
Born: 1964
Born: November 7
Editor
Journalist
Motivational Speaker
Screenwriter
Michigan
United States
Jean Sherman Chatzky
Think
Accounts
Thinking
Calling
Projects
Creditors
Unless
Negotiate
Bigs
Tackle
Better
Multiple
Need
Directly
Needs
Project

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The interest rate you receive, however, is contingent on your credit score.
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You can have a do-over starting today. But you have to get over the feeling that it's too late
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In about one-third of credit card consolidations, within a short period of time, the cards come back out of the wallet, and in no time at all, they're charged back up. Then you're in an even worse position, because you have the credit card debt and the consolidation loan to worry about. You're in a hole that's twice as deep - and twice as steep.
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If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a small chance that you'll spiral back into debt, it's not for you.
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You fall a bit behind on a credit card bill, your interest rate soars, your minimum payment rises, and you start falling more and more behind every month. You don't see an end. But you don't want to file bankruptcy either. What you can do - and should do - is negotiate.
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You won't be caught off guard and you won't feel guilty, because you'll be spending money that you've allocated for the occasion.
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Save for your goals. Take note of what's coming your way - vacations, the holidays, what ever is going to cost you money - and start saving ahead of time so that you have a stash when the time comes.
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Turn down offers for new cards or credit line increases on your current cards. Credit's tight, and chances are, you're not getting many offers anyway. But if you do, remember that the less credit you have available, the less trouble you can get into.
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Even in the days of the tightest credit in 2008, HELOCs [ home equity line of credit ] and home equity loans were being made.
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Get your friends involved. Let your shopping buddies know that you're on a tight budget, and they can help you out when your willpower starts to weaken at the mall.
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One thing I want to make clear: You never want to hide from your debts. It doesn't work.
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Take the cards out of your wallet. A debit card is accepted just about everywhere that credit cards are, and you'll be spending money you have - always a good thing.
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Don't let the fact that you're spending time getting organized result in late fees on your credit card bills.
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When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.
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If you're filing bankruptcy, you will likely want to hire an attorney. But for debt settlement, a company is sufficient, or as I said, you can often do the legwork on your own.
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If you are able to settle, you'll be getting off rather easy. Debt settlement companies can sometimes get you off the hook for a large percentage of your debt - in many cases, up to 50% will be written off.
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If you default on an unsecured debt, you won't lose anything (except points on your credit score).
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After explaining why you're in trouble, ask the creditor if the company would be willing to accept a smaller amount. Start negotiations at about 30% of the total amount due, with the end goal of paying 50%.
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Sometimes a creditor is willingto do this as a bargaining point - you give the creditor cash in hand, it gives you a positive listing on your credit report - even though you haven't paid the full amount. Get this agreement in writing.
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A little personality goes a long way.
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