negotiating-a-balance - Zacchaeus Financial Counseling, Inc.

negotiating-a-balance

Negotiating Credit Card Balances

Article by R. Joseph Ritter, Jr. CFP® EA

Should I negotiate my balance with a credit card company?  The answer depends on your situation.  Generally, negotiating a balance will result in the credit card company reporting a settlement to the credit bureaus which can negatively impact your credit history and credit score. I would recommend not negotiating a balance unless it is your only option to avoid bankruptcy or defaulting on your mortgage or other secured loan, and I strongly recommend that you first speak to an attorney or financial professional before attempting any negotiations.

The value of an attorney or financial professional can be to help you find other solutions that perhaps you did not see may be available to you.

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