Negotiations are always possible. Whether or not they are successful in your eyes is the question. The only way to find out for sure is to try. You certainly can attempt to negotiate credit card debt and some people have had wonderful success in doing so. You can ask for some tips for financial planning on negotiating your credit card debts from professionals for you to be guided on what to do.
Often people will try negotiating credit card debt through the interest rate that they are being charged. Interest charges can be crippling and even a slight reduction can mean a lot to someone on a tight budget. There is a lot of competition out there and credit card companies realize that if they are not willing to negotiate on this matter, then it is likely they will lose a customer to one of their competitors. If a permanent reduction in your interest rate is not possible perhaps negotiate a temporary reduction in the interest rate, perhaps until your debt is 50% gone. This can be all you need to get that extra breathing room, and get your debt disappearing faster.
Sometimes it is possible to negotiate the minimum payments due on your bill each month. The minimum monthly payment is usually based on a certain percentage of the total amount owing. If you are able to negotiate what this percentage is then you can considerably reduce your monthly bill.
Account fees and service fees are a lot of the time how the credit card company make their profit on credit cards. For this reason, they are often quite negotiable. Fees vary so much that it is hard to put a general figure on them. However very generally speaking, the more ‘bells and whistles’ your credit card has, the more it will generate in monthly or annual fees. For example, if you receive air miles, bonus rewards or access to memberships etc because you are the holder of a particular credit card, chances are you are paying for that privilege in your account fees. If you receive paper statements each month or need to visit a branch to make cash withdrawals chances are you are paying for those transactions in service fees. Negotiate a change in your fee structure or if necessary look ask for your balance to be transferred to a different credit card that doesn’t attract high fees.
So it certainly is possible to negotiate credit card debt, however remember that negotiations are not demands and you must be willing to hold up your end of the bargain too.