How to Negotiate with your credit card companies:
Make your own payment plan if you are not too deep in debt. Concentrate on paying off the credit card with the highest interest rate first. Stop using your credit cards until you have paid back all of your debt.
If you want to negotiate with your creditors, call them and negotiate the lowest amount they are willing to go. Once an agreement is made, tell them you want it in writing. Also you want the agreement to state that it resolves the dispute with how much you owe and they will not report this to the IRS as forgiven debt.
You should also have the creditor report to credit reporting agencies that the debt has been paid off in full. This is important for your credit score.
Make sure to make all the payments and in the final payment write “payment in full.” If you miss a payment the creditor could automatically enter a judgment against you. Also make sure to not use your checks when making the payments so they don’t have your checking account number.
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