When you are staring at a mountain of past-due notices and balance statements, it is natural to feel like the ultimate “underdog.” On one side of the table, you have billion-dollar banking institutions with vast legal departments and automated collection systems; on the other side, it’s just you, trying to make ends meet in a difficult economic environment. The idea of picking up the phone to call a creditor and ask for a “discount” on what you owe can feel not only intimidating but virtually impossible. However, it is vital to understand that debt negotiation is a standard business process.

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