Yes. And in many cases, you should try before hiring anyone.
Banks negotiate with consumers directly all the time. They'd rather get something than nothing, and they know that once an account goes to collections or a customer files bankruptcy, their recovery drops significantly. That gives you more bargaining power than you probably realize.
If you're current on payments but struggling: Call the hardship department (not regular customer service). Explain that you're having financial difficulty and ask what programs they offer. Most major card issuers have options that include temporary interest rate reductions (sometimes to 0% for 6 to 12 months), reduced minimum payments, or fee waivers. You don't need a script. Just be honest about your situation.
If you're already behind: Your negotiating position actually improves in some ways. Once you're 90+ days late, the bank is preparing to write off the balance. At that point, they may accept a lump-sum settlement for 40% to 60% of what you owe. Call and say you have a specific amount available (always start lower than your actual budget) and ask if they'd accept it to settle the account in full.
Key negotiation tips:
Always get any agreement in writing before you make a payment. Verbal promises from customer service reps don't hold up. Ask them to send the offer via email or mail before you pay a cent.
If you're negotiating a settlement, use the phrase "settle in full" and confirm that the remaining balance will be reported as "settled" or "paid in full" to the credit bureaus. Ask specifically if they'll report a $0 remaining balance.
Be patient. The first offer is rarely the best one. If they offer to settle at 60%, counter at 35%. You'll likely meet somewhere around 45% to 50%.
Keep records of every call: date, time, representative's name, and what was discussed. This protects you if there's a dispute later.
The main advantage of negotiating yourself is saving the 15% to 25% fee that a settlement company would charge. On a $20,000 debt, that's $3,000 to $5,000 in your pocket instead of theirs. The trade-off is your time and emotional energy.