Making A Deal With Your Creditors

Creditors lend money with one objective: to make money! They want their principal back and they want their interest revenue. From time to time they have defaulters who just won't pay up. This is when they are willing to recover any amount they can and cut their losses.

If you are severely behind in your bills and have over 90 days past due debt (tsk tsk) you can negotiate. Call your creditors and make them an offer to pay up 20% to 75% in a lump sum to settle the account. If they agree, and odds are in your favor that they will! This will automatically benefit your credit because the outstanding balance will be settled however previous late payments and delinquencies will remain.