credit card debt

[wakii]

If I have too much credit card debt can I negotiate a deal with the credit card company to pay only part of the debt?

[Canadian]

Originally Posted by wakii

If I have too much credit card debt can I negotiate a deal with the credit card company to pay only part of the debt?

You can try negotiating down your interest rate, but I'm not sure if you can reduce the actual debt.

[mary1]

You can consolidate your bills and get a lower monthly payment, although it will be prolonged in time but to get part of your debt erased, forget it.

[trent]

After the housing crash, the next thing will be credit card defaults and car loan defaults. All these problems will hurt banks and financial institutions, and they might be forced to come up with solution(s) to help borrowers by lowering interest rates, etc.

[Steven]

I guess in just a few years, there won't be so many expensive cars on Canadian roads. It's funny how people with 40K salary drive Mercedes’ or BMWs, this is simply not sustainable.

[Lumber Joe]

Yeah, interest rates are negotiable, but debts outstanding due to credit card fees and interest rate are not.

[francisford]

yeah, talk it out with your bank. and negotiate with them to lower your interest rates. it's better than to just ignore all those credit card bills. it will get you in trouble later on.