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.
