Credit Card Debt: How to Cut a Deal
From: MSN Money
Consumer advocates and debt experts agree that credit card companies have never been more willing to cooperate with distressed borrowers than they are right now. Issuers are lowering rates and minimum payments, offering workout plans and settling debts for 50 cents or less on the dollar.
But not everyone is getting the help that’s needed.
Rosemarie is 59 and disabled, and has had trouble making the minimum payments on her $12,000 credit card debt since her interest rate soared to 30%. She asked for relief but didn’t get it. “I was late making a few payments, and now they are charging me over $300 a month in interest,” Rosemarie wrote me. “I called asking if they could lower the interest, (but) they said no. . . . What can I do?”
Cutting a deal with your credit card company typically isn’t easy or simple.
