Let’s be honest – most people would prefer to solve challenges with debt on their own. You don’t have to share your finances with anyone, worry about judgement or put your fate in someone else’s hands.

That’s why DIY strategies to reduce credit card debt like the ones we describe below are so useful. With some basic instruction, you can handle the issues on your own and move forward confidence.

Credit Card Debt Reduction

You can absolutely negotiate your own credit card debt reduction plan. Many of us are unaware of the leverage available to even people in the direst financial circumstances. You may feel despondent about the entire mess and have no real plan for the future.

A simple assessment may be all you need to approach debt management. Keep in mind that repayment of debt is still an asset in your favour and is still more favourable in the issuer’s viewpoint than some options like bankruptcy.

Often, a credit card company will net little to none of the debt owed to it through such a severe action, and are willing to negotiate to continue the cash flow.

Understanding Your Actions and Responsibilities

When undertaking such action as a debt reduction through consolidation and negotiating through credit card companies, you may be unaware that this can have an undesired effect.

First, the moral issue of abandoning your previous committment is something many of us struggle with and should not be taken lightly.

Second, your credit rating may be negatively impacted, especially if you could manage to pay down the debt in a longer period, as was arranged originally. However, if bankruptcy or financial ruin is looming, then this is an advantageous option.

Everyone is different, with separate ideals and circumstances, which can lead to a myriad of variables and repayment plans.

Analyze Your Options

If you arm yourself with the knowledge of your exact circumstances, you too can manage your debt reduction plan effectively.

In order to negotiate with the credit card companies, you first must make a listing of all your debt in point form, including the yearly fees and interest rates.

This will give you a determination of the actual value of the load and assure the consolidator or loaner that you have an idea of the situation and a committment going forward.

Research many companies that may help you and any pertinent programs already in place. Keep these in mind when making a decision and applying the repayment values later on.

When contacting companies that have satisfied your criteria for reputation, obtain a quote from each. Compare each company once again.

These quotes may also be used as leverage to achieve the desired repayment schedule and rates by calling around and asking each to beat the lowest quote. Thus, this is where you can have the largest influence on your financial situation.

It is also crucial to make your intentions clear with written statements and to make sure to understand all contracts entered. This will keep things clear and help you to simplify the process, avoiding accidental mispayments and other misunderstandings.

Addressing your circumstances, formulating a plan to negotiate your credit card debt, the reduction, and finally the follow-through are also crucial steps. Honesty is extremely important when dealing with your credit and financial institutions.


With some simple knowledge, a committment to working out a solution and sound financial practices in the future, anyone can achieve the independance and freedom that negotiating credit card debt and a debt reduction plan affords.