It seems as though no matter how much you pay on your credit card account each month the balance never seems to go down. The interest charges eat up most of what you’re paying and if you miss a payment, you could find you’re being charged penalty rates and late payment fees, which make it even harder to get ahead.

However, what if you had an option to pay the same monthly amount and see your debt go down all at the same time, This option is possible if you negotiate with your credit card company. Ask for a lower interest rate. This will give you the chance to keep the same monthly payment, but be able to pay down your debt much sooner than you would be able to with a much higher interest rate.

A Win Win Situation

Don’t assume that your credit card company won’t negotiate with you. It is within your creditor’s interest to make sure that you can pay your bills on time. If you fall behind on your monthly payments or are unable to pay them, your creditors will lose out as well. Many creditors will want to make it easier for you to make monthly payments if you tell them that you are having financial difficulties.

Remember, if you can’t make payments, your creditors won’t get paid. This is far from being a positive outcome. Your creditors also realize that once you default on your credit card payments and file for bankruptcy, they may not get any of the money that is owed to them, so they’ll want to help you where they can. Ask your creditor for an interest rate that will help you to manage your debt a little bit easier.

A Plan of Action

Don’t try to negotiate with your credit card company unless you have done the appropriate research and have a valid plan of action. What are you going to say, What are you going to ask for, Know your facts before you approach your creditors. If you ask for a lower interest rate, make sure that your request is valid. Chances are you aren’t going to get a 0% interest rate, but any decrease in rate will make it much easier for you to pay off your huge credit card debt. Even a few percentage points lower will allow you to pay off your debt much quicker than usual.

Any unrealistic requests on your part will make it easier for your creditor to say no. Consider your credit history when you are negotiating with your credit card company. The average creditor will not grant huge interest rate reductions for a customer that has a tarnished credit history. You may not get the best interest rate decrease, but you should still take your chances and ask to have your interest rate lowered.

Don’t assume anything before you make the effort. In addition, whatever you and your credit card company decide upon, make sure that you get it in writing. Negotiations with your credit card company should be very successful if you initiate the process with a little research and have a viable plan.