Thanks - I'm getting out of Credit Card Debt

Thanks to this community I was able to negoiate over $ 25,000 of credit card debt away myself. I had 4 cards with balances over 20,000 dollars each - I reached a point where I couldn't pay minimums any more becase my late or short payments drove the finance charge rates over 26 % on 3 cards and 32 % on another. What a stupid, ignorant logic the banks use. I can't pay the minimum balance as it is - so now why don't you raise the balances even higher.

So to get back to the success part... After checking out this community I started looking at Debt Consoidation programs - but I heard a lot of bad things said about them. So after reading a few posting here that said do it yourself. I thought I would try it. So using the letter templates I found on this site, I tweaked them for my situation and sent them out. I was able to negoiate with Chase Credit and Bank of America to cut my debt in half thru a settlement... that was over $ 25,000 dollars. I had to cash in one of my old retiremnet accounts (which was rapidlly losing all it's value), and I'll be taking a big tax hit next year, but I feel it's worth it to close out those accounts. I'm still working on Wells Fargo, (someone I've been banking with for over 25 years), but they will not cut be any kind of break at all. Captitol One is suspending my Fianance Charges for a year so I can catch up with minimum payments.

Altough I'm still in debt I really feel at least now I have a chance to start working my way out. So again, thank you so much to those folks who contribute to this site - your info is invaluable.

I can offer this advice - if your going to negoiate a settelment with one of the big Banks, ask to forgive even more then 50 % off - that was the first number I offered to the card companies, they jumped on it after a little bluffing on thier end. Keep talking to different Collection Reps until you find the right one - they must work on commission or something because some will negoiate and some will not. Good luck.