Imagine you owe over $5,000 on your credit card.
Out of the blue, the company calls to ask if you can pay just 80% of the balance, and they’ll waive the rest.
You refuse. Then the company calls you later, and asks for only 50%.
If this seems impossible, then you need to reconsider our current economic climate. This scenario played itself out for a writer in Chicago, who agreed to the second deal and now has his debt paid off.
Default rates for some large credit card companies rose to record highs in May, but that doesn’t mean that you can just ask to have your balance reduced. Most customer service representatives are given strict limits on how much debt to forgive and to whom, but it's worth a shot.
Old advice is still best: Keep your credit card balances low, pay on time, and don’t depend on anyone but yourself to keep out of debt. Taking these steps, you won’t be likely to fall victim to debt collectors, who are having a banner year in 2009.
--Brandon
Photo taken from this photostream and used with permission of a Creative Commons license.
Wow! Those companies are desperate.
Almost makes me wish I had a few grand in debt on my card.
Almost.
Double emphasis on "almost"
-Brandon
You have to be careful. Any debt that credit card companies forgive can be added on legally to your income tax for the year forgiven. For some this is still a great way to eliminate debt. For others, more headaches.
I guess the best way to avoid all of this is to be responsible with your credit cards. :-)
-Brandon
Brandon, NEVER A TRUER WORD WAS SPOKEN. Rosalyn your buddy
Post new comment