We are a nation living on credit. This is even truer for servicemembers. According to the National Foundation for Credit Counseling (NFCC), among those seeking counseling, military families have more unsecured debt and spend more on debt-related expenses than their civilian counterparts.

Renegotiating your credit card debt is one way to tackle it. If done properly, you might be able to reduce your interest rate and/or minimum payment, stop late fees and over-limit charges, or even settle your debt for pennies on the dollar.

Start by picking up the phone — again and again. You will talk to numerous people at the credit card company who likely will contradict each other, and the process can take months. Don’t waste your time talking to the wrong person; ask for the department that handles settlements or work-out arrangements. Take copious notes to document what was said to you and by whom. Don’t beat around the bush — tell them you want to pay them but can’t under these terms.

Toot your military horn. If the company knows you or a family member is serving, they might have special programs in place to help you.

Explain your situation. Is there a reason you can’t pay now, such as a short-term illness? In that case, a forbearance program might be in order. It doesn’t forgive your debt but might allow you to halt payments for a while or stop interest and late fees from accumulating. Don’t give up information about your employer (unless you’re in the military) or your financial assets.

Pursue a debt-settlement agreement. For more serious circumstances, this allows your debt to be forgiven by paying less than your balance due. In this scenario, you typically already are in arrears with your payments, and the company figures something is better than nothing. Don’t take the first offer they make; companies often settle for less than half of what you owe. If you are close to declaring bankruptcy, tell them. Absolutely get all terms in writing before you pay them.

If negotiating is not in your wheelhouse, reach out to an NFCC office (nfcc.org) in your area; they will negotiate on your behalf.

Keep in mind, consequences can be associated with debt renegotiation. Your credit score can take a serious hit, the company likely will cut off your credit, and any forgiven debt is reported to the IRS as income.