Yes your creditors can negotiate with you so you don’t have to repay everything you owe them. This happens all the time especially with credit card companies. A credit card is basically a short term loan and are immensely profitable to the banks who issue them due to their high rates and fees. This is why most people with even decent credit gets several credit card offers in their mail every week and also why almost every general merchandise store you go to these days is anxious to sign you up for their store brand credit card.
A little known secret is that the credit card companies don’t expect everyone will be able to repay them. Defaults are built into their business model. But if the credit card company doesn’t think you can repay them they are likely willing to negotiate with you so they can try and recover at least some of the money you owe them.
To enter the negotiation process you typically have to stop making even the minimum payments on your balances at which point you will officially be in default. From there you try and build up a reserve of payments so that you can approach the credit card company with a lump sum payoff.
It’s a process that takes time and proper budgeting but a successful negotiation can reduce the amount you pay by up to 50% or sometimes more.
There are companies that help with this process as it’s not as straightforward as calling your credit card company to plead with them. It’s a legal matter that most people do through a professional debt settlement company or even a lawyer.
There are many debt settlement companies out there, be sure to use one that’s reputable and experienced.