How do WE TALK to CREDIT CARD comp. to get LOWER INTS RATES? Have you done this and H

[no more credit cards]

When I was sick we accumulated so much debt. When I came home from hospital I was welcomed home to a world or credit card debt. How do I get out of it?

How do I talk to credit card companies? Who do I ask for? How do I get out of this mess?

Ideas Anyone?

[sweeps]

I ... accumulated so much debt. How do I get out of it?

Reduce your spending -- drastically if possible. Post a list of your monthly expenses if you'd like some help. Also try to bring in more income if possible.

If you don't have an emergency fund (i.e. savings for TRUE emergencies), then save up for that. Let's say $1,000. Then pay down as much as you possibly can toward the account with the highest interest rate. Once that is paid off, go to the next highest. (Be sure to pay at least the minimum payment on all cards.)

There are some other things that you can try such as
- Calling the CC companies and trying to negotiate a lower rate
- Consolidating accounts into lower fixed rate accounts
- Using 0% balance transfer offers
but these can be risky if not done correctly and are not a replacement for the advice above. Good luck.

[boosami]

To negotiate a lower rate:

If you have multiple accounts with the same creditor, be sure to keep simultaneous requests separate. They will likely be handled by different departments and may both be approved in a situation where they may not otherwise be approved together.

For revolving credit accounts (like credit cards), you can often cut interest rates simply by talking to them over the phone and asking in the right way.

Call and say: I have been a loyal customer for years, but have some offers from other credit card companies that can give me a lower interest rate. If you can offer me a competitive rate, I will stay with you. Otherwise, I will cancel my account and switch companies.

If your current rate is in the high 20's or above, I'd ask for a 10-15 point drop, or whatever you original rate was with the account if that is acceptable. If you ask for too much, they may counter with a more realistic amount.

If they say they can't do it, ask for a supervisor or manager and try again. If you still get a no, call back in a few days and try the whole thing again. If after a few attempts you get nothing, write a formal letter. State that you asked on numerous occasions but they did not budge and it is their last chance to keep your business before you transfer the balance to a competing company.

Credit counseling companies can also negotiate on your behalf with even better results, but they may want a fee or require other stipulations before doing so. It's best to try yourself first--It can be surprisingly effective.

[brandini25]

My only advice is to at least sound like you know what your talking abut, and be confident. If you can pull those off, your good to go