http://www.doctordebt.net/debt/debt-negotiation/credit-card-debt-negotiation/ Credit card debt negotiation is the key to credit card debt reduction. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 At the heart of every credit card debt reduction plan is credit card debt negotiation. Here's how to get the best negotiators on your side. Seek Professional Help When it comes to credit card debt negotiation, you can try it on your own, but you won't have as much luck as you would if you put professionals on your side who are skilled in the art of debt negotiation. Most of these professionals have been in the field of credit card debt negotiation for years and have forged solid business relationships with creditors. Some even have long-standing agreements in place. Since your creditors know and work with these professionals on a regular basis, they're more likely to work with them on your credit card debt negotiation. This means big savings for you. The two debt management programs that rely on credit card debt negotiation are credit card debt consolidation and debt settlement. With credit card debt consolidation, you hire a debt negotiation firm to contact your creditors and start the credit card debt negotiation process. What they will do is get you reductions in interest rates. They will also try to get past fees (like late fees, over-the-limit fees, annual fees, etc.) removed, which results in much lower balances. Then they combine all those new, lower balances and you make one monthly payment to the credit card debt negotiation company, which they distribute to your creditors for you. In addition, enrollment in this plan can get your creditors to stop harassing you (if this is happening). With debt settlement, credit card debt negotiations skills are used to get you reductions of 60-80% off your total debt. However, once your balances are reduced, you have to pay the new amount due immediately. Not only that, but your creditors will report your participation in a debt settlement program to the three credit reporting agencies, and it will effect your credit report in much the same way as a late payment. Again, you can try this on your own, but if you get reductions, they're not going to be as big as the ones you'll get when you seek help from the professionals. Sat, 26 Jul 2008 15:00:00 EDT