subject: Getting A Premium Interest Rate [print this page] The obstacle of tackling a massive credit card debt can seem nearly impossible at times. When you take a look at the numerous bills rushing in every month and then you start going through that credit card bill, the idea of actually starting to pay that bill down could be frustrating. And part of the reason that uphill battle to win over debt seems so hard is those almost absurdly high interest rates credit card companies are granted to charge.
If you have a credit card debt in the hundreds and hundreds of dollars and that interest rate can get above 15%, that is going to mean that a large portion of your monthly payment is gonna go toward the interest. And what that means is that your balance will go down slowly which is very discouraging especially if you are also utilizing the credit card so your balance continues to go up and up and up.
How often have you looked over the average interest rate that the credit card companies are charging you and thought, "I sure wish there was some way I could but that interest rate in half or less"? If you could simply get that interest rate down below 10% or even much better, that step only would assist you put more of the payment money you pay out every month towards decreasing the debt. And if that rate might be locked in so that it is not continuously being jacked up by the credit card company, then you definitely have a real path toward paying off what you owe once and for all.
There may be a way to actually get a credit card rate you can settle for from the credit cards services you already are working with. It goes back to that old advice that your mom or dad might have given that goes - "You do not know until you ask.". That is correct, it is most likely that if you call the credit card company and show them the scenario, they might have the resources to negotiate a rate with you that you can live with and offer you the same services a credit consolidation company would offer.
It's great to take a moment and look at the world through the eyes of the credit card company. They're in business to keep great customers who pay their bills. For credit card company, the worst type of customer is a person who's constantly late on their payments or doesn't pay at all so they have got to go through the expense of nagging those customers for the money. And customers who have the resources to get rid of them simply because their rates are too high are likewise a big threat to their livelihood because they depend on you needing them and being willing to pay those interest rates and fees.
So instead of see you dump them or take your debt elsewhere just like to a credit consolation service or a second mortgage, it's better business for the credit card company to reduce your rate and continue to make some money off of your debt. Competition is just as intense for the good customers in the credit card world as it is in any other business. So should you pay your bills and are the type of customer these companies like, you have some leverage with them that you simply might not have recognized you had.
Make sure when you call the credit card company to renegotiate your rate that you simply speak with somebody who can really alter things. And bring certain clout with you. Be prepared to cancel your credit cards or move your debt to another card or credit service. If you let that credit card company know you're unhappy because of the rate, they'll have some type of program to keep your business. They aren't going to tell you about it but it's there. And if you're persistent and want it bad enough, you can get the credit card companies to play ball your way and give you a premium interest rate you can live with.
