Unfortunately, when your balance on your cards changes from positive to negative and when your reputation as a good credit risk changes to that of a poor credit risk, your creditors also become increasingly less friendly and open to try to work things out with you.
While it is possible to call your creditors and ask to renegotiate your agreement with them, simply telling them that you're now experiencing considerable financial distress, is not enough to make a difference.
You can even try to explain that it is not really your fault, mentioning that the reason that you can't pay as much is because of the change in the economy.
You may even go so far as to mention that your income has fallen because of company reduction of hours or of salary and, in addition, your money does not buy as much because of the rising costs of goods and services.
While all of your arguments will be logically sound they will not do you much good.
Negotiation with your creditors for debt reduction will not help you much, if at all.
Unfortunately, sometimes one even has to wonder if creditors have any feelings at all.
About the only way to get out of debt is to quit the useless effort of renegotiating your debt with your charge account credit companies and focus instead on how to pay them off completely.
The best plan to find your way out of debt is to use a special type of loan called a credit card debt consolidation loan.
How To Get And Use A Consolidation Loan A credit card debt consolidation loan is a way to get rid of your debt.
A debt relief agency can offer you this type of loan after assessing your credit debt amount and your earning rate.
They will then suggest either a secured or an unsecured loan with low interest.
A secured loan, based on collateral from a home, will give you the lowest interest rate.
You'll use this loan to completely pay off all your charge cards.
This will leave you only with the consolidated loan to repay.
Once you have used a credit card debt consolidation loan to find your way out of debt, begin a new habit to use your card as little as possible.
Prefer to use cash as much as you can.
Sometimes, however, as in the case of subscription payments you may still have to use a charge account credit.
However, when you do use a charge card, be sure that you pay it off completely at the end of every month.
This way you'll never ever again accrue a negative balance.