Settle Credit Card Debts On Your Own

With our rise in economy and retrenchment, many are falling into debts with others and with their credit card companies. Once you own a plastic card of your own, you would tend to swipe it more times you can afford and not realize it until your credit statements comes.When you realize you're in debt, you'd get scared and feel misdirected and lost. And more often than not, you would turn to a credit counselor or a debt consolidation company for help.

But why would you want to pay even more money to settle your debts when you're already financially troubled? The most they can do for you is lower your interest rates but they can't reduce the balance you owe, so why not try settling your own dues and debts and save the amount you would have spent on their fees. To settle your credit card debts, you would need good communication skills.

This wouldn't be a problem for many, but make sure that when dealing over the phone or in person, you remain calm and polite at all times and show no signs of anger at all. Good manners can take you far, so start with that.

Then, learn to negotiate as well. If your credit company finds that you really cannot afford to give back all that you have used and you do not own any assets, they would be willing to come to an agreement of some kind. So try negotiating and ask for a lower interest rate.

Once again, remember to be polite and speak decently without being demanding or pushy. You would also have to realize that true negotiating skills involve some give and take so don't stand your ground too much demanding what you want.

Also, always perform follow ups with any letters, calls or emails. It would help if you document all information such as the person you spoke with, at what time and on what day. If they said they would get back to you, make sure you make the effort to follow up with the call and do your part in whatever that is required.

To sum it up, you can settle your own debts, just stay organized and always be well mannered and you would not only get yourself out of debt, you would also have saved yourself that sum of money spent on your consolidator.