Carrie Fisher is known for playing Princess Leia in the Star Wars films. But what most people don’t know is that she has an iconic quote: “Everything is negotiable. Whether or not the negotiation is easy is another thing.” You can absolutely try to negotiate with your credit card company to lower your debt, because it leads to better outcomes for everyone.

Credit card companies would rather get paid something than nothing.

If you owe a large amount of money to your credit card company and the interest expense is growing very rapidly, they are slowly coming to the realization that you probably won’t be able to pay the full balance. Rather than getting paid nothing at all, they’d rather work with you to settle an agreed upon amount that lets them get some money back even if it’s not the full amount you owed.

If they aren’t willing to come to a mutually beneficial agreement, then they might still let you put a pause on your payments or get you on a repayment plan. Bottom line - you have options.

Pick up the phone.

This is one of those conversations where it’s better to chat on the phone rather than with the chatbot or via email.Call the customer service number on the back of your credit card and ask to speak to someone in the debt settlement department. Explain that you're having trouble making your payments and ask if they can offer you any assistance.

Be honest about your financial situation and why you're having trouble making your payments. If you've experienced a job loss, illness, or other unexpected event that has impacted your finances, be sure to mention it. They understand you’re human and $h*t happens!

Get it in writing.

If you reach a settlement agreement with the credit card company, make sure you get it in writing. This will help protect you in case there are any issues in the future. And also, make sure you stick to that agreement! Making your payments on time can avoid further damage to your credit score.

Remember, negotiating credit card debt takes time and persistence. Don't be afraid to reach out to your credit card company multiple times to find a solution that works for you. Download the Peach app to better understand your loans and overall debt picture.

Peach out ✌️