Card companies negotiating with customers

Being directed to debt management may become an option offered to consumers by credit card companies, a Consumer Reports blog states.

Given the current economic climate, everyone, including credit card companies, is having a hard time finding money. With consumers having less green in their pockets, some may be having a hard time paying their credit card bills.

Rather than lose all of the money they’ve loaned through credit cards, card companies are now offering a variety of solutions to their customers in order to recoup at least some of their cash.

Some may offer to restructure payments or reduce interest rates for a time. Others have suggested their customers go to a debt management service in order to get their debt problems sorted out, though there are some things consumers should keep in mind.

"If the entire amount is placed into a debt management program and you pay off the loan, this does not negatively affect your credit," the blog states. "However, if you settle for less than the full balance owed, there is a detrimental impact on your credit."

According to a recent survey from Demos, households on the lower-end of the income scale have an average of $9,827 in credit card debt.