Credit card companies have always been willing to play hardball with consumers. That is, until the Alien Invasion happened in 2020, known as the Coronavirus. When that happened, the entire global economy was turned upside down and inside out:
- The government agreeing to delay income tax filing? Absurd—until they did it.
- The government handing out money to every citizen? Ridiculous—until it happened.
- All sports and all schools shut down until further notice? No way….
What you have NOT read in the news is what the credit-card companies are now willing to do.
They see the entire economy in upheaval, and they know that all the credit card debt they’re expecting is unsecured. It’s not backed with any collateral, but just a promise to repay. Therefore these companies are facing massive problems of their own: how can they possibly expect millions of consumers to pay their credit card bills when 30 million Americans are suddenly unemployed? Many of these same consumers can’t put food on the table or pay their rent or water bills, never mind paying silly unsecured credit card bills.
What does this mean for you? These very scared credit card companies will SAY that they want your entire bill paid but what they will DO is agree to a substantially lower amount, if you know how and when to ask for it.
You can’t just call them up and say: “Hey will you settle for taking a bunch off my balance?” You need to know how to make them first believe that they may get nothing from you. Only when they realize that you are putting them at the bottom of the bill-paying priority list will they start to negotiate.
So if you’re behind on your credit card bills—or you’re about to be—it’s definitely worth remembering how these companies may very well negotiate with you.
If you like to haggle then this plague is tailor-made for you! Go for it! But if you hate that stuff, and find it tiring and painful to pick up the phone with a creditor, then don’t bother with haggling. Instead…
…get a pro in your corner.
You want an ethical junkyard dog doing the negotiating for you. Although I am mainly focused on real estate investing, I can’t help but notice when a lot of students tell me that their number one problem is their credit card debt. So I researched the topic and found those ethical junkyard dogs who are willing to work on behalf of hard-working people who are in a bind.
I invite you to watch the very short video below for more details on a possible way out of your debt challenges.
Dave Lindahl at RE Mentor