How to Work With Credit Card Companies to Reduce Payments
- 1). Call the credit card company and ask the customer service representative to connect you to a supervisor. Customer service representatives rarely have the authority to make major changes to your account.
- 2). Explain your situation to the supervisor. Let him know that you do not want to default on your credit card account.
- 3). Ask for a lower interest rate on your account. A lower interest rate allows you to pay down the card balance quicker and thus reduces the amount that you owe. This, in turn, reduces your monthly payments.
- 4). Ask that the credit card company eliminate any recent fees that were added to the account, such as a late payment fee or over the limit fee. These fees increase your balance which results in a higher minimum monthly payment for you. Many credit card companies will work with you to reduce or eliminate fees to prevent you from defaulting on the account.
- 5). Mention that, without help, you may be forced to file for bankruptcy. Whether you actually intend to file for bankruptcy or not is irrelevant. Your credit card company knows that a bankruptcy court may discharge your liability to the debt. If bankruptcy is a possibility, the credit card company stands to lose far more than if it works with you to lower your monthly payments.
- 6). Threaten to transfer your outstanding balance to another credit card that offers a lower interest rate or lower fees (See References 2). If you are currently making regular payments on your account, your credit card company likely does not want to lose you as a customer and would rather work with you than lose the profit you provide.
- 7). Call back. If the supervisor refuses to negotiate with you, appeal to a different supervisor. You may find that another supervisor is more willing to work with you to lower your credit card payments.
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