Credit card debt has become a major issue in the United States. As of Q1 2024, Americans held a total credit card balance of $1.1 trillion, according to the Federal Reserve Bank of New York. And, the latest Quarterly Report on Household Debt and Credit from the New York Fed shows that there has been an uptick in serious payment delinquencies and maxed-out credit cards nationwide, showcasing the negative impact high credit card debt is having on people's finances.
It may be helpful to prepare a budget showing your income and expenses before the call to clearly illustrate your need for more favorable terms.Enroll in a debt management planDebt management plans, which are typically offered by credit counseling agencies, are designed to create a manageable repayment schedule based on your budget. And, the credit counselor you work with may also negotiate lower interest rates and waived fees with your creditors.