Counselor Credit Not Profit

Posted on November 10, 2011 by Admin
Counselor Credit Not Profit

Counselor Credit Not Profit

When times are tough, almost everything is on sale or negotiable.

For those who have been spared the worst of the recession, now may be the time to make some sound financial decisions for the future.

Reduce or Eliminate Your Credit Card Debt

Use the recession as leverage to negotiate with credit card companies. According to a June 15 New York Times report, credit card companies are facing so many defaults as the unemployment rate soars, some are giving customer service representatives the power to strike deals with consumers. Some people are negotiating settlements for about half of what they owe, saving hundreds or thousands.

According to the report, "Credit Bailout: Issuers Slashing Card Balances" by David Streitfeld, the credit card companies are willing to do this because they would rather collect at least some of the money now than risk never getting it if the borrower loses their job or falls into financial trouble down the road. However, keep in mind that it's a must to have some cash on hand. Most companies will require payment in one lump some or a few large payments.