Credit Insurance Companies
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The Art of Negotiation – Dealing With Credit Card Companies
Did you know that the average American couple carries over $8,000 in credit card debt? Did you know that these same couples are generally barely able to meet the minimum payments on their cards? Most people who only make the minimum payment will be paying on that $8000 for over 30 years before they ever manage to pay it off. New legislation has made it virtually impossible for anyone to file for bankruptcy, so where does that leave these couples?
An option that may still be viable for anyone caught in the credit card trap, is to attempt to renegotiate the interest rates and payment options of their cards directly with the credit card companies themselves.
You may find yourself wondering if this is even worth trying. Dependant upon your credit and payment history, most credit card companies are more than willing to at least enter into negotiations with a customer regarding their currant interest rates and minimum payment amounts. This is especially true if you imply that you have received a better offer from another company, and are simply giving them an opportunity to compete.
If you have a history of late payments, however, it is highly unlikely that your credit card company will be willing to lower your interest rate, or help you in any way for that matter. You simply are not going to receive much sympathy for your current financial status if you have made a habit of not making prompt payments each month.
The opposite side of that coin, though, is that if you are more than 90 days behind on your payments, a credit card company may be willing to negotiate with you just so you can recompense their investment.
Many credit card companies are willing to offer you a settlement for a portion of what you owe in exchange for the actual amount. This means that they will accept a one-time, lump sum payment much lower than your actual debt, and will write off the rest. This is often a less expensive option for them, as opposed to turning the account over to a collection agency.
However, if you are unable to pay the settlement amount, your debt will, in all likelihood, be turned over to a collection agency and a negative report will be made to the credit agencies which will remain active for at least seven years.
A negative report like this can make it difficult for you to receive any further credit, including mortgages and auto loans, affect your insurance rates, limit your ability to rent a place of residence, and even keep you from getting certain jobs, as employers often check your credit record as proof of reliability.
If all else fails and your credit card company is still unwilling to reasonably work with you after you have made an honest attempt to set up a viable repayment plan, consult a debt consolidation firm, or an attorney for advice. Although your credit card company may be unwilling to settle, you will have lost nothing by trying.
About the Author
RateEmpire.com, http://www.RateEmpire.com, an internet consumer banking marketplace is a destination site of personal finance, investing, taxes and mortgage rates. RateEmpire.com provides mortgage guides and financial rates and information. RateEmpire.com also operates a financial portal #1 American Financial, found at http://www.1AmericanFinancial.com and debt consolidation portal for business, real estate or debt management http://www.1DebtMoney.com
Once the beneficiary receives a life insurance settlement, do the credit card companies find out?
the deceased owes a few thousand dollars in credit cards, do they find out there is a settlement? there were no assets or money except for the settlement…….can I call the credit cards and make a deal for less than owed?
No, the credit card companies don’t know unless someone told them.
Debt is not inheritable. Although the slimey credit collections people will try to convince you otherwise, you are NOT responsible for the debt of the deceased (assuming you’re not a spouse, in a community property state). Their life insurance, once it pays you, you can spend it ANY way you want. You have NO obligation to pay off the debts with it.
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