The key to successful debt repayment is understand debt negotiation tips and tricks some credit institutions do not want you to know. Whether it is speaking with a supervisor after being turned down for a lower credit card interest rate or inquiring about flexible billing and repayment dates, consumers can take charge of their debt, lower their exiting balances and have long-term success managing their present and future finances.

Many people may be intimidated when it comes time to address credit card debt negotiation. The fear of calling a credit card company and speaking with a customer service representative, when a payment is a month or two past due, means some consumers will try to dismiss the charge and put it out of their minds. The key to taking control of late, reoccurring debt is to negotiate with the creditor directly, before an account is turned over to a third-party collection agency. Since the interest rate reduction discussion is handled in-house, creditors have more decision making power than an outside collection agency.

When calling, it is important to be honest and acknowledge your financial situation. Attempt to ask for a reduction of the card’s interest rate and/or, if able to make a partial payment now, see if the late fee can be waived. The best piece of debt negotiation advice most consumers can receive is to work with, not against, your creditors. Yes, they may impose late fees and higher interest rates but is the consumer who made the initial charge. Try to come to an understanding and see if any payment-lowering methods can be achieved. If unsuccessful, call back at another time or ask to speak with a supervisor.

If a different payment date would be better, see if your credit company can move your payment date. Being paid on the first of the month and having a revolving payment bill due the same day may mean consumers are constantly having to incur late payment fees. Explain your financial situation and see if the credit-granting company can move your payment date. This way, more of your payment can go towards the card’s principal balance and not have to go towards reoccurring late fees. Remember, in order to help you, it must be the consumer who takes the first step in the debt reduction process.