Credit card debt is a big trap for a lot of consumers. They’re often lured into spending more than they can afford — and those bills can easily pile up. 

Depending on your situation, you may come to find that negotiating credit card debt with your issuer is in your best interest. There’s no guarantee of success, but it’s something you should at least consider. 

Here are some tips you can follow:

  • Know your debt inside and out: In addition to the balance, have a clear idea of how long you’ve carried the debt, the interest rate and the minimum monthly payment.
  • Know how much you can afford to pay: You can’t make an offer to your credit card company until you know what you can afford to pay. Don’t agree to anything you can’t afford, as it’ll only cause you more stress.
  • Get the right person on the phone: Not everyone at your credit card company is able to discuss a settlement with you. Call the main number, but then explain your situation and what you’re trying to accomplish. This will eventually lead you to the right department.

Now that you know how to negotiate credit card debt, you may want to look into doing so.

If this doesn’t work or you have other debts that you need to handle, you may be better off considering a bankruptcy filing. It’s often the best way to get the fresh financial start you’ve been trying to find. Keep in mind that bankruptcy is a possible option no matter why you accrued your debts. Financial mistakes can happen to anyone.