Credit card companies are increasingly doing something they have historically refused to do - cutting deals on delinquent accounts for substantially less than the amount owed, according to a recent article in the New York Times. Historically, credit card companies might negotiate interest rates or waive penalties, but would not otherwise write off the balance due. This is a welcome change in policy, as it makes good sense for both the company as well as the borrower. It just might be the key to avoiding bankruptcy.
Credit Card Companies Cut Deals
Tuesday, June 16th, 2009
Tags: bankruptcy, credit card debt
