I’ve hаd thіѕ credit card fοr 10 years now аnd іt’s аt 28% APR!! It hаѕ a balance οf $5,000 rіght now аnd I’m desperate tο pay іt οff аnd gеt out οf debt. I’m paying аlmοѕt $200 a month іn finance charges alone – ѕο whаt dο I dο?
Shουld I contact thе card company directly аnd аѕk – аnd іf ѕο hοw. Or ѕhουld I try thе consumer credit counseling service tο negotiate іt fοr mе? HELP
Tags: Card, Credit, current., interest, Lower, negotiate, rate
Call the credit card company. If you have been a good customer and no late pays, then you might be able to negotiate a better rate. If not, tell them that you will get another card to transfer the debt to. Sometime the squeaky wheel gets a lot of oil.
ask and you might receive. . .
If you have good credit. . . with a FICO score of at least 680, then you are in a position to negotiate a lower rate. . . If you have really good credit. . . such as a FICO score over 720. . . . just apply for a 0% balance transfer card then balance transfer the $5K to that one and cut up the old card. . . . . If you have bad credit. . . you’re probably out of luck as that will put you in no position to negotiate lower interest rates.
Consumer Credit Counseling Services might be a bit drastic for this relatively small amount of debt. . . . but if that’s the only way for you to get a lower rate then I guess it’s best. . . FYI: They will require you to cut up ALL your credit cards. Also, your credit report will be updated to say that you’re in a debt management program. . . . This will greatly affect your ability to get new credit or to be approved for a mortgage or lease on an apartment. . . . .