How can I call my Credit card and speak to them about taking half my balance.?

Question

You know tell them my small at home business is not making the money it should so I can either pay you this xxx much or nothing at all and oh well. I don't care cause my other bills (food, heat) are more important. AND how bad will doing this affect my credit?

Answer 1

Don't threaten them by telling them "its either this or oh well" - that will definitely not work and will probably toss you into collections. Instead, call a reputable credit counseling company and have them intervene for you. It will sound much better coming from them.

You can do it on your own, but call them and tell them humbly that you would like to pay off your remaining balance in installments. Hopefully you get a nice person on the phone, sometimes you can talk them down to a lower payment amount. If you make a payment plan on your own with the credit card company and you wind up not being able to make the payments (which usually happens when money is tight and needs to go to bills instead), make sure you live in a state where they cant sue you and take the money they are owed right out of your paycheck or bank acct.

Answer 2

I think you are talking about settling your balance for less than full. If you are currently up to date with your accounts, the chance of them accepting a settlement is unlikely.
If you are 90-120 days past due you might be offered a settlement. If so make sure you have a properly signed letter from the lender.
You will have a major delinquency on your credit report and a settlement. Also if you settle an account you will recieve a 1099 for the dismissed balance, ie you will owe tax on the part that that is forgiven.