Have you run up a huge debt on your credit card? Do you want to settle your credit card debt? Well, settling debt can at times be an easy thing but at times it may be a very stressful one. Here are a few tips on how you can settle credit card debt on your own.

One of the first things that you can do on your own to settle credit card debt is to stop making the payments. Companies do not worry about people who are capable of making their own payments. And if you continue making timely payments they will not care about you. Almost all credit card companies decide to make deals with you only if they have a feeling that they are not going to see a single penny of the money that you owe them.

The first thing that you can expect when you stop making payments is a lot of phone calls, some of them may even be threats from the guys who are collecting the money for the bank or for the credit card company. These callers may threaten to sue you or take away your house and your car and a lot of things like that. But you need to be strong and brave because most of them will not want to waste money and take the effort of filing a law suit!

When they are ready to listen to what you have to say make an offer to them. Truth is many debts are actually settled for very low amount as low as 7 cents a dollar. So there is a chance that you can settle it for a small amount. When you make an opening deal make sure it is not more than 25% of your debt. And at any point in time make sure you do not make an offer that you will not be able to pay.

Do not be crazy enough to believe that they will accept the offer that you give them the first time. They will reject it. So, be prepared to accept that. But do not give up or cave in that easily.

You can always tell them that you are spiralling downwards to bankruptcy. Use that threat to your benefit. Tell them, that if you file for bankruptcy chances are that they will not get anything at all. Be polite and continue to negotiate with them sensibly, but be smart! Negotiate till you both have a mutually acceptable settlement.

Once you have reached that settlement, take it easy. You do not have to hurry; there is no reason for you to file for bankruptcy immediately. Remember that as each day passes by your debt gets harder and older to collect. Time is what can work in your benefit at this situation. This case only makes your creditors cut their losses.

The last thing that you need to do is be smart by getting all the details in writing. Make sure that the person who made the settlement to do so, before you send in your payment.And double check that the payment that you are making will settle the credit card debt.