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Research: Negotiating debts on your credit card to avoid bad credit history -

It is not uncommon to find people reeling under credit card debt after acquiring innumerable credit cards from various banks and financial institutions and using them unwisely without any forethought. Unfortunately though, by the time they realize their folly, it is too late to make amends. They are left with no choice but to bend over backwards to ensure they pay off these debts soon so they can try fixing their credit history which has gone really bad. One of the best ways to fix bad credit history at the earliest is by negotiating on your credit card debts so you can pay them off at the earliest. There are various ways in which you can go about it.

Speak to the credit card lenders

When you have made up your mind to negotiate on the debts you have incurred on your card, it is time to take out your phone and make calls to your credit card companies. Call all them whose cards you hold and inform them of your predicament and request them for a slight reduction in your interest rates. While most of the banks may turn you down, a couple of them might be willing to consider their offer. After all, it is better for the banks to get at least some of the money rather than not get anything at all.

Opt for a debt consolidation company

If you are unable to negotiate the terms of credit card debt reduction with the banks, you can avail the services of one of the many debt consolidation firms. They can either help you negotiate the interest rates with the credit card lenders or offer to help you avail a low interest loan that will consolidate all your debts and bring them under one umbrella. You will be able to pay off all your credit card debts and be left with just the low interest loan that you can clear off fast.

Close a few credit cards

If you have innumerable credit cards in your wallet, then, clearing off the debts incurred on them and repairing your credit history will take you longer than expected. Cards like store credit cards charge you an arm and a leg and the debts of those cards can increase in leaps and bounds because of the high interest rates. Close these cards and opt for cards with low interest rates so you can transfer the balance on the store cards to the new low interest card and clear off the debt faster.