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Ten Steps To Consider In The Event Of A Financial Crunch Or Crisis

Step 6. Renegotiate as much of your debt as you can according to your plan

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Consider negotiating a reduction in the amount due. See: How To Negotiate With Creditors

When it comes to credit card companies, if you saved the offers for new credit cards you likely received in the mail, you can use the rates offered in those mailers to help negotiate against your current credit card companies.

If you make an agreement with creditors, keep to whatever you agree. If something unforeseeable happens and you cannot keep your agreements, let your creditors know before you skip a payment.

If you need help negotiating debt, consider using a Credit Counseling Service, a lawyer or a financial planner. If you do use a credit counseling service, watch for non-profit scams. There are good non-profits - but there are also some that have been known to scam. For informaiton, see: Credit Counseling Service 101

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