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Asking for lower interest rates...did it work?

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    #16
    Originally posted by breathemusic View Post
    Just be careful about the terms of any card offering a 0% balance. If you transfer the highest card to a new 0% card and then just concentrate on paying toward the other cards, once the intro period is over, there's a possibility the CC could back-charge you interest for those intro months.
    I don't believe that's true for balance transfers between CCs, and I've never heard of this happening. I know that those rules apply to some in store 0% offers.

    Do you have any links to cards that charge back interest on balance transfers?

    Until I see otherwise, I believe this is a myth.

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      #17
      Originally posted by bjl584 View Post
      Your creditors may or may not work with you. Your best strategy would be to seek out a 0% card and transfer your debt to that. Then pay it off before the introductory rate ends.
      I agree, but it doesnt hurt to call them and question it. Sears once jumped mine and I called and was told it was an error and they lowered it. A few years later, I received a check from Sears because of a class action lawsuit had been filed against them for raising them too high and without proper notice and such. I think my check was for around $15.

      I normally pay them off asap, but that was after our house fire and I had to replace some of the appliances and it took the insurance company a couple months to reimburse me.

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        #18
        To answer the original question, this worked for me once.

        I called up and explained that things were a bit tight (not completely untrue at the time) and I was reworking my budget and was reaching out to all creditors to see if they had any programs or ways to help people like me make sure I was able to keep everyone current. I'd exaggerated my situation just a bit - I wasn't in danger of not being able to pay, but... it wasn't a fun situation to be in either.

        IIRC, I was at around 14% interest, and I got a "sure, here's what I can do" just talking to the first agent. They basically agreed to reduce interest rate on current balance to 7% (or maybe it was 9%) for ... 6 months I think, then it would go back up to 14%, and the 14% would still be in force for any new purchases. Basically, it was just meant as just a bit of breathing room. It didn't help *much*, but I didn't need much help at that time either, so it worked out OK.

        It felt more like a token gesture on their part, but was probably enough to keep me from even considering looking for other alternatives. I was young, and that placated me enough for the time being.

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          #19
          Originally posted by jpg7n16 View Post
          I don't believe that's true for balance transfers between CCs, and I've never heard of this happening. I know that those rules apply to some in store 0% offers.

          Do you have any links to cards that charge back interest on balance transfers?

          Until I see otherwise, I believe this is a myth.

          I know it isn't true for all cards, but I know I've seen mention of it happening to people before somewhere. I only meant that they should be sure to check the individual card policies before deciding how much debt to transfer. If they won't back-charge the interest, awesome. But if they do, what's the point in transfering more than you can pay off in the limited intro period?

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            #20
            Also check for balance transfer fees! I'd live off the proverbial "beans-n-rice" and attack card #4 while paying minimums on the others. Can you sell anything to get a little more cash to work with? Any other financial belt-tightening?

            I wish you the best, this is a tough battle!

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