Once you get into debt, it can be hard to pay it all off. Yet what many people never realize is that asking creditors for help in paying down your debt can actually work in some cases.
In the following video, Motley Fool investment planning editor Lauren Kuczala talks with longtime Fool contributor and financial planner Dan Caplinger about negotiating with creditors for debt relief. Dan notes that high interest rates and low minimum payments make credit card debt the hardest to escape from, with fees for late payments and over-limit charges adding to the burden. But big financial institutions have worked hard to get their card-delinquency rates down, and they'll often look at potential solutions that get bad debt off their books. Dan offers three tips for communicating with your lender and coming up with a debt solution that will work for you.
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The article 3 Tips for Negotiating Down Your Debt originally appeared on Fool.com.
Lauren Kuczala has no position in any stocks mentioned. Fool contributor Dan Caplinger owns warrants on Bank of America and JPMorgan Chase. You can follow Dan on Twitter @DanCaplinger. The Motley Fool recommends American Express. The Motley Fool owns shares of Bank of America, Citigroup, and JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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