Are you a financially strapped consumer who is seeking to dig your way out from under a mountain of debt? In some cases, it may be possible to reduce your monthly payments by negotiating with your creditors. Depending on the facts of your unique situation, it may be possible to reduce your interest rates, monthly payments, due dates, and even principal substantially. However, in order to achieve this level of success, you must be able to demonstrate a significant degree of financial hardship, as well as the kind of limited financial prospects that will render it difficult for you to pay back your account balances in full. Typically, it is easier to be successful in the process of negotiating unsecured debt settlements for accounts such as credit cards, it may be somewhat more difficult to negotiate a settlement for home mortgages or auto loans. Still, if you are experiencing financial difficulties, it is important to discuss your situation with your creditors and determine whether any reduction in payments may be possible.