What types of debt payments can you negotiate?

Understanding which balances are most likely to be settled is an important part of the debt negotiation process. Years/Getty Images Keeping up with monthly debt payments has become increasingly difficult for borrowers recently, particularly over the last few years. Between persistent (and now rising) inflation, elevated borrowing costs and higher everyday expenses, the economic landscape Americans have been facing has put a lot of pressure on people's budgets. Case in point? About 34% of respondents say they can't make the full monthly payment on all their debts, according to a recent survey from Achieve , and 44% said they'd consider working with a company that negotiates settlements on their behalf. Settling your debt for less than what's owed isn't always a straightforward process, though. Creditors would always prefer to be paid in full, but in certain cases, there may be room to negotiate. It depends heavily on the type of debt you have and who owns it, though. In certain scenarios, your creditors may be willing to accept significantly less than the full balance rather than risk collecting nothing at all. In others, the amount owed is largely nonnegotiable, and understanding the difference between the two can save both time and money. Knowing which balances are most likely to be settled — and which aren't — can help you focus on the options that have the greatest chance of reducing what you owe. …