04 Jan New York Times Reports "Credit Card Companies Willing to Deal Over Debt"
On January 2, 2009, the venerable New York Times published an article entitled Credit Card Companies Willing to Deal Over Debt. In this article journalist Eric Dash notes that:
After helping to foster the explosive growth of consumer debt in recent years, credit card companies are realizing that some hard-pressed Americans will not be able to pay their bills as the economy deteriorates.
So lenders and their collectors are rushing to round up what money they can before things get worse, even if that means forgiving part of some borrowers’ debts.
The Times article does not offer specific negotiation tactics of course, but this story’s appearance in a mainstream paper suggests that anyone dealing with a credit card debt crisis should not hesitate at all to aggressively negotiate terms for outstanding balances.
As you have undoubtedly read in the pages of this blog, many lenders and their collection agenices may not be willing to enter into negotiations until you are 90 days delinquent, and you should be very careful if you choose to retain help (a debt negotiation firm, a settlement firm or even a lawyer) to represent your interests.
Jonathan Ginsberg, Esq.
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