Credit Issuers Play Let's Make A Deal
As The New York Times reports, some companies are working with their delinquent customers to eliminate balances. The companies have revised guidelines, the Times reports, and in some cases are calling up customers before they call the companies.
"Now it's the card company calling you and saying, 'Let's talk turkey,'" David Robertson, publisher of the credit industry journal The Nilson Report, told the Times.
Not surprisingly, few companies would actually confirm this practice is going on, though the Times reports some have been cutting customers a break since last fall. The article begins with a story about an HSBC customer who agreed to pay half his nearly $5,500 balance to get the bank to wipe away the entire debt.
Click here to read the entire New York Times article.