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Negotiate with creditors for better terms from "summary" of Debt Free for Life by David Bach
When it comes to reducing your debt, one of the most effective strategies is to reach out to your creditors and try to negotiate better terms. This can include asking for lower interest rates, reduced monthly payments, or even a settlement for less than the full amount owed. Negotiating with creditors can be intimidating, but it is a crucial step in taking control of your financial situation. Remember, creditors want to get paid, so they may be willing to work with you to come up with a plan that works for both parties. Be polite and professional when speaking with them, and be prepared to explain your situation and why you are struggling to make your payments. Before you pick up the phone, do some research on your creditors and their policies. Find out what kind of deals they have offered to other customers in similar situations, and use this information to inform your negotiatio...
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