Credit card debt is never any fun, but it’s something that a ton of Americans find themselves dealing with. If you’re among them, there’s plenty of good news: negotiating your debts, credit card or otherwise, isn’t impossible. You can typically work with lenders and credit card companies to negotiate your debt, work out an arrangement that will allow you to pay what you owe, and can whittle the total amount that you owe down so that you wind up paying a smaller amount. It’s all about how you present yourself. We’ll talk about a few of the most important things that you’ll want to include when you start the debt letter negotiation process.
State Your Intent and Be Respectful
Starting the debt letter negotiation process requires a deft touch and a few important details, but it’s not a hard thing to get right by any stretch of the imagination. One of the most important details of debt letter negotiation is maintaining a very respectful and professional tone. You want to open the letter with something relatively formal like “dear sir or madam,” and you want to keep extra details to a minimum. Get to the point, and be respectful in doing so.
Announce your intents at the beginning of the letter, and be very specific. This will likely require that you get in touch with your lender beforehand so you can figure out exactly what you owe. Include everything from late fees to interest rates, so that you can begin with rock-solid information on what you owe. State what you owe, and how much you intend to pay. Also, make sure to mention that you would like for them to consider your debt paid in full, so that your credit doesn’t suffer.
Be Specific and Lay Out Your Plan
Another important key to debt letter negotiation involves being specific and laying out your exact plan. Always use hard numbers. It’s important that you take the time before writing your letter to figure out exactly how you plan to pay off your debt, if it’s not going to be one single payment. Propose this plan with specific dates and amounts, and show your intent to clear your debt once and for all.
Having solid information and presenting it confidently is one of the keys to getting credit card companies or lenders to work with you when it comes to your debt letter negotiation. Laying out a plan will inspire confidence in your intent and abilities to pay off your debts, and being respectfully straightforward shows that you’re serious about doing so. Working with lenders can be a little nerve-wracking, but with the right information, it doesn’t have to be impossible.