4 Steps I Used to Negotiate Debt and Save $6,500

The average American owes $16K in credit card debt and a full year’s income in total debt. That’s too much and sometimes you just can’t pay it off. That’s when it’s time to start negotiating debt with creditors, agreeing to pay some of the money if they wipe out the rest.

This isn’t an easy way out of debt and shouldn’t be used as an excuse to run up thousands in credit card debt. It’s a powerful process and must be used responsibly. For those in true financial trouble, it can be a way out and a way forward.

I start by sharing my debt negotiation story, how I used this process to save over $6,500 in credit card debt and personal loans. I also reveal the two biggest traps in debt negotiation, filing bankruptcy and debt settlement companies, and how you can avoid them.

This is a four-step debt negotiation process that will guide you step-by-step into dealing with collection agencies and bill collectors. I’ll help you plan your negotiating strategy and reveal the secrets to getting as much of your debt wiped out as possible.

- My debt negotiation story
- A warning about bankruptcy and debt settlement companies
- Four-step debt negotiation process
- Planning your debt negotiation strategy
- Dealing with a debt collection agency
- Two negotiating strategies that WORK

Don't forget to click through to the debt payoff playlist above and follow the entire series. I may eventually turn this series into a paid course but you can watch it all free right now. I start out by revealing the debt payoff strategies that will work with any budget, even on low income, and finish by showing you how to get a perfect credit score.

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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
#creditreport #creditscore #debt

[thetruthbetweenthelines]

Debt management is such a crucial subject, I wish more people would follow such videos and your channel and improve their financial education. Thanks for the video, man!

[HankColeman]

Great tips like always, Joseph. Thanks for sharing.

[whoareu-podcastaboutlifeat]

Thanks for teach the basics of debt negotiation! I bet a lot of subs and non-subs found it helpful too :)

[OaklynnGenevieve]

Great work form *Sounstreamhub* - so glad you are out there fighting these lowlifes. We need to do all we can to spare the elderly and the general public from these despicable collectors! Kudos to YOU!! You deserve the Nobel prize for keeping us CC debt free big up brother..

[MichaelJayValueInvesting]

Helpful tips! Hopefully after negotiating, people won't have to go through this situation again.

[danielkopp]

Good practical tips here that everyone can put into use!

[hrbaker]

Woo! Thank you for making this very informative video!

[bearskibethany]

Also, don’t forget to tell them that they will owe taxes on the money that they negotiate.

[janelu]

Hello!

thanks for the video! Very helpful info I am going to call and settle debt with two credit card companies. What would you suggest is a good first offer to not scare them? 20%? I can’t afford no more than 30% of my balance. Thanks!

[amirhosseinsed]

Hi, thank you. is it possible to settle debt if you have never missed a payment?

[jasonb]

hi, thanks for the video, after how many months of zero payments can I start negotiating?

[maryamiryan]

Please please answer Sir. If I negotiate and the lender lowers my balance will it drop my score? Will they report it to credit bureaus?

[luvmeme]

I have an extra student loan account on my credit that isn't mine. I have appealed it several times. What can I do now during this pandemic to have it removed from my credit history?

[NA-xglf]

I am new to this whole thing. I was just wondering about what the agreement should say, and how to tell if it is legitimate?

[vicerichter]

what about if you are not exactly in debt, but willing to pay the loan off in one payment and I just want to pay less interest on the loan. They marked it up like 30% of the loan I got, can I pay lower interest?

[billbeam]

About those phone recording apps. If you live in certain states you can't record phone calls. Unless you have their permission to record.

"Eleven states require the consent of every party to a phone call or conversation in order to make the recording lawful. These "two-party consent" laws have been adopted in California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Montana, New Hampshire, Pennsylvania and Washington."

Will a debt collector agree to having their conversations recorded tho if he/she works in one of the above states?

[barkingspider]

Situation: 1. 40% settlement offer of Wells Fargo Credit Card debt. 2. The debt is 2 years old and not yet sold.
Proposed solution: 1. get the best discount possible and pay. (3, 123.90 is the 40% settlement number. 2. Get Wells Fargo to agree not to update the status in the reporting. (avoid paying and re-setting the activity of the account. 3. The item falls off in 2 more years.

WILL THIS WORK? DO YOU HAVE ANOTHER PLAN? OR RECOMMENDATION? Thank you, might make a good video to discuss.

[TrainWreQ]

My wife and I are under contract for a house. It’s currently being built. We have a 12k credit card debt we’d like to settle and be done with. If we try to settle will it negatively affect us any way?

[davidlanceregalado]

Hi, nice video!.. i have negative $6700 checking account and i cant pay at once.. do you have any suggestionon what to do..

[ivand]

Semper Fi brother!!! Thanks for the video.