How to Settle Credit Card Debt with Chase
- 1). Pay off as much of your Chase credit card debt as you can. Develop a budget and find ways to cut expenses and put all of the extra money toward the debt. If that's not possible, consider earning extra money through a part-time job or through selling unused belongings through eBay or a yard sale. Use all of the extra money to put toward your credit card debt.
- 2). Contact your Chase credit card customer service department and ask them to reduce your interest rate, adjust your minimum payment, or both. Even a small reduction in your interest rate can shave hundreds or even thousands of dollars off your credit card balance over time. This reduction could mean the difference between making your credit card payment or not. Or, ask if Chase can reduce your minimum payment each month until you're able to put more toward your debt.
- 3). Ask for a settlement. This should be your last option because any settlement with a credit card company like Chase will result with a negative mark on your credit report that will lower your credit score. However, asking for a settlement is better than defaulting on your credit card payments. To do this, contact your Chase credit card customer service department and explain your situation. Let them know that you've exhausted all of your other options to paying off your debt and are doing this as a last resort. This will make them more willing to help settle your debt for less than what you owe.
- 4). Agree to terms of a settlement. Chase will likely ask you to agree to a settlement payment plan over a set period of time. This means you'll be responsible for paying this settlement amount each month until the repayment period is over. Make sure you pay each month: even one missed month can result in Chase cancelling your settlement agreement, meaning you have to pay the full balance or they'll send your account to a collection agency.
- 5). Be persistent. If the Chase customer service representative you talk to won't help, then ask to speak to a supervisor. If the supervisor won't help with a settlement, wait a few days and try again. Sometimes speaking to a different customer service representative can get the results you need. In the mean time, make every effort to maintain your payments.
