Negotiating for a lower total payoff?

I need help. I have 52,000 in total credit card debt over 4 credit cards.
1) 29,909.53
2) 11,854
3) 2,190
4) 8,164

I haven\'t missed a payment, but now work is cutting back and I\'ll never be able to crawl out of this debt. My parents have informed me that they will pay it all off, but they want me to call the companies first and see if I can get a lower pay off amount. Is this possible? Who would I contact at the companies and what would I say? I have good credit I guess, so I don\'t want it to get to collections before I get a lower pay off because that would destroy my credit right? I\'ve created a budget and cut out a lot, but I\'m pretty much only able to make minimum payments. (1400 a month). Please help!

2 Answers

Yes, this is possible. You can contact with the customer care department of the credit card company and tell them your problem.  But, if you go for debt settlement, it may hit your credit score. You can also go for balance transfer method. Otherwise, you can get a secured loan to repay the existing debt. For more details about balance transfer method, you can go through this link:

As you\'re facing problems in paying off the credit card debts, you can contact the credit card issuer and negotiate with them so that they can offer you a repayment plan with affordable terms. You can even go for a credit card debt settlement option with them. You can negotiate with them so that they can lower your outstancing balance by 40-60%.

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