is this really possible?

mimi83

ive heard that if you are struggling paying back the min. on your credit card because of huge amounts of interest, you call up your credit card company, and negotiate the you only pay back what you owe, interest free??? is this really true?

NickX

mimi83 wrote: »

ive heard that if you are struggling paying back the min. on your credit card because of huge amounts of interest, you call up your credit card company, and negotiate the you only pay back what you owe, interest free??? is this really true?

Well if you can demonstrate that you have cashflow problems, then they do usually negotiate for a time, and this includes freezing interest.

It is not a long term arrangement though, and they usually limit this gesture to 6 months to allow customers to get through a sticky patch and get back on their feet.

If you have longer term problems, you probably need to negotiate a long term repayment plan with them otherwise they may sell your debt onto a Debt Collection Agency who can be very aggressive in their dealings.

I suggest you post on the DFW (Debt Free Wanabee) Board because there are many people there who have beaten debt problems and will be able to advise.