I do not talk about debt often, but since I am in the financial industry, what the hell….
After this recent economic downturn, I guess we can say 2004. I have had a lot of friends and family asked me what to do with their credit card debt, and just debt in general.
So I briefly explained to them, just like I’m going to explain to you, the difference between credit card negotiation and debt settlement.
For example with credit card negotiation you’re dealing directly with your credit card issuer, lender, creditor, or bank, and not with the third party, like a debt settlement or consolidation company.
You are not settling your debt for a lesser amount, rather you are attempting to reduce your interest rates on your credit cards, which is gonna help you pay your debt off faster.
Credit card negotiation is directly with the issuer and also can help you lower your minimum payments.
The difference between credit card negotiation debt consolidation is that with debt consolidation you are consolidating all of your credit card debts into one, for one monthly payment.
So for some this this is a good benefit, if you have like 10 different cards for example.
However credit card negotiation allows you to work directly with the credit card issuer and you work out a payment plan with them at a reduced interest rate just like you were with debt consolidation except you’re not going to third-party!
Basically just like I referenced the book to my friends and family, I would advise anyone looking to reduce there their credit card interest rates and pay their credit card debt off faster to read this book. You will read everything you will ever need to know on how to negotiate your credit cards. I would highly recommend the book by John Write about credit card negotiation. You can read more about his e-book here.