Can I negotiate credit card debt reduction?

The short answer is "Yes," you can. Credit card companies often work out debt reductions with account holders. So before you start thinking bankruptcy, consider credit card debt reduction. Credit card companies will work with you to reduce your credit card debt to find a workable solution.
Recently, many credit card companies have worked together to agree to a new Protocol when dealing with customers to work out payment plans. Some of the twelve Irish credit card companies that agree to use this new Protocol include MBNA Ireland, Postbank Ireland, and the National Irish Bank. One of the things worked out in the new Protocol is guidelines for the Irish credit card companies to use when trying to figure out if a customer simply did not want to pay what they owed or whether they really could not pay.credit solutions
The worst thing the credit card company wants is the person files for and gets to claim a bankruptcy, freeing them from most of the debt that they owe. Yikes! This way, the credit card will probably get nothing.
While this may not seem like such a big deal, remember that while the credit card company may be willing to work with you to get what they can out of you, this situation won't leave you looking like a poster child for good credit scores. That is, you will still be dinged for not paying the credit card company everything you owe them. They are not going to sweep everything under the carpet. However, maybe they will stop heaping late fees or threatening lawsuits on you.
The tricky part in deciding what to do here is whether to take on the negotiating yourself or not. Many people who find themselves in over their heads with credit card debt start looking around for life preservers. Debt consolidation companies can help but in truth, they cannot do anything for you that you could not do for yourself. Sometimes adding a third party muddles the entire affair. They might do more harm than you realize as they do not have to live with the damage to your credit score. Consumer Credit Counselling Services can help you restructure your debt but they will not reduce the total debt owed.
It would not hurt for you to contact the credit card company directly and see how far you get yourself. You will need to have a good story for why you cannot pay the minimum payments right now. Hardship stories are usually accepted. The credit card company may decide to give you a temporary break but letting you make less than the minimum payments so you do not keep racking up charges. They may, however, agree to "forgive" some of the money you owe them if you can convince them that you will never be able to pay them what you owe them otherwise and that you are leaning towards filing for a bankruptcy.
Be prepared for tough conversations. The credit card company would rather you paid everything you owed them, not just a part of it. While they are not going to send somebody over to take your pinkie toe, they will try to make you feel about two inches tall over the phone. Be persistent.
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