The global economic crisis has brought with it many casualties, but one of the least expected ones is debt collectors. Typically, these unscrupulous companies make a good deal of money when consumer debts go bad by using their two favorite tools – phones and threats. However, many debt collectors are starting to realize that consumers really may be in trouble this time around.

Banks may be cutting consumers’ credit lines, raising card fees and pulling back on lending, but they are also trying to give consumers some room to get out from under their debt. After all, it’s hard to convince consumers to pay back a debt when there is no hope at the end of the tunnel. Unfortunately, that also makes it easier than ever for consumers to negotiate down their debt.

Lenders and debt collectors are therefore trying to recovery as much money as possible before things get even worse. This means that consumers are being able to see more of their debt forgiven, repayment times stretched out, and increasingly generous partial payments. Big settlements just aren’t there any more for consumers that no longer have assets to liquidate.

A recent article in the New York Times found that debt collectors saw the number of troubled borrowers getting payment extensions at least double in the last six months. In other cases, borrowers were offered deals that forgave 20% to 70% of their credit card debt. How can you do the same? For small debts, just call up your credit card company and ask for an extension. For larger debts, you may want to contact a professional debt settlement company that can more effectively negotiate.