If you’re wondering how to negotiate credit card debt, there are several steps you can take to alleviate the burden of debt. Most credit card companies will help borrowers who show a genuine desire to repay their debt, even if money is tight. It never hurts to ask, so don’t hesitate to call your credit card company and ask how to negotiate credit card debt.

What You’ll Need to Negotiate Credit Card Debt

Since you’re negotiating with credit card companies who already have all of your personal information, you really don’t need to provide any information for them. You should, however, prepare yourself by listing how much you owe, your current interest rate, your minimum monthly payment, and any fees you’ve encountered. The more you’re aware of your current financial situation, the better you’ll understand how to negotiate credit card debt.

Step 1 – Lower Your Interest Rate

Perhaps the most common credit card debt negotiation involves asking for a lower interest rate. Most companies will lower rates by up to 2% for borrowers who prove to be responsible and make minimum payments on time each month. Even if you’ve been late once or twice on your payments, it’s worth a phone call.

Step 2 – Create a Payment Plan

A great way to manage and minimize debt is to set up a payment plan that works within your monthly budget. If you’re having trouble making monthly credit card payments, call your credit card company and ask if they will help you to set up a payment plan. Most companies will gladly help you with this; after all, they’d rather get their money in small sums than to never get it at all. Try to negotiate a plan that allows you to pay off your debt within five years.

Step 3 – Avoid Costly Fees

Many credit card companies charge high fees for borrowers who are late making payments, withdraw money through ATMs, or use “free checks.” With a simple phone call, these fees can often be waived, thus lowering the total amount you owe to the creditor.

Step 4 – Get It in Writing

If you successfully negotiate your interest rate, payment plan, or waived fees, be sure to get a hardcopy of your revised plan so that you have proof of the negotiation.

Step 5 – Ask For Credit Counseling

If your credit card company won’t budge an inch during the negation process, there are non-profit organizations offering credit counselors who can not only train you on how to negotiate credit card debt, but often, do the negotiation for you.