When you have credit card debt or any credit cards for that matter, one of the first things you should do is make a list of the company's telephone number, your account number and your current account balance. It may also help to include the interest amount and cost of any late fees or finance charges. This not only helps you see exactly what kind of debt you have, it will help you if you ever get in to a situation where you are need to contact the companies to discuss the reduction of your debt. Yes, this is possible and you can do it by yourself. Most people agree that today's economy is causing people to have too much debt, and that credit card debt settlement seems like an out of touch fantasy.

People who are having financial difficulties are often accruing late fees, finance charges and higher interest rates and these are causing people to have difficulty in keeping up with their credit card payments. If you find yourself in a situation that has become difficult to handle, you may have options. Credit card companies have become more willing to work with people in this economy. All it may take is a telephone call from you to the credit card company. Think about what you want to say.

Write down a short script or bullet points including the topics you want to cover regarding debt settlements. For instance if you have accrued medical bills that are preventing you from keeping up with the monthly payments, make sure this is information that is passed along to each company. You may be able to get your interest rate reduced. You also may be able to get your balance reduced. You can even receive offers to reduce the amount you owe by anywhere from 25-35% of your current balance. If you are expecting to have a certain sum of money available on a certain date and you are looking to pay off your credit card debt, you should give this information to each company and tell them that you will pay them first if they are in a position to offer you the best deal.

Always ask the representative to send you in writing a summary of what has been discussed, or copies of any deal offered to you over the phone. Always review this information before you agree to any payment plan over the phone! And don't forget to get the representative's name and contact number in case the written offer is different than what you had discussed, or if you have any questions about what was discussed, or something you don't recognize in the copy. If you would rather not talk directly to the credit card companies yourself, there are also many debt settlement organizations available that will work with the companies on your behalf for a reasonable fee.