You may feel that your peace of mind has been marred and may opt for a credit card debt settlement program to end your agony.
Credit card companies over-sensationalize your debts and threaten you that you will face dire consequences if you do not pay off your dues.
But if you have astute negotiating skills, you need not fear their threats because there are many laws that protect you from such threats.
It is not like olden days when they can behave as they want but now, the scales are favoring you.
Stringent rules are there to make these companies to behave.
One of the rules that you can avail of is regarding credit card debt settlement.
But to succeed in such a program, you should have good negotiating skills and the process may take some time.
The amount for which the credit companies agree will depend upon many factors.
The first thing you should understand is that in the case of credit card debts, the scales tilt in your favor rather than the credit card companies.
These companies can not force you to repay your debt.
The worst scenario is your credit rating will get a beating.
The plight of the credit card companies is that if you do not pay, they will have to sell the debt to a collection company at much less a rate and they will suffer a loss.
Hence they will rather be ready to negotiate with you to extract the maximum from you and you, on your part, will be ready with all your ammunition to strike the best deal.
Ultimately it will be a win-win situation for both.
You should start with the lowest amount, put them on the defense and raise it slowly.
They also know that if you are squeezed too much, you may not pay anything and declare yourself bankrupt.
This will rob them of their profits to a considerable extent.
But if they agree to your thesis of credit card debt settlement, they will at least get a big fraction of the amount you are due to them.