Negotiating Credit Card Rates

Jan 11, 2010

lowering credit card rates
by: Gerri

Negotiating credit card rates has become more difficult than in the past. Unfortunately, many people have found their credit card companies have raised their rates and just won't budge.

Your strategy of sending a letter is not likely to be successful if you are trying to lower your interest rates. You'll have to get on the phone and talk with the credit card companies. I know that can be stressful, but it's the only way to get someone to respond to your requests.

If you are able to read our ebook Reduce Debt, Reduce Stress, I would encourage you to do so. It will walk you through your options and help you decide on a strategy for tackling your debt. If you can't read the ebook, then your next step is to either call the credit card companies or call a credit counseling agency. I don't know the details of your situation - how much in total you owe, how many creditors etc. - but a counseling agency may be able to help you put together a repayment strategy.

If, instead, you decide to call your credit card issuers directly, understand that they may decide to review your account and that could result in a lower credit limit or closing your account. On the other hand, some consumers have told me their card issuers were willing to put them on hardship programs at lower interest rates. It could go either way.

Please let us know if we can be of further help.

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Jan 11, 2010
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Submitted by: Gerri

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Negotiating credit card rates has become more difficult than in the past. Unfortunately, many people have found their credit card companies have raised their rates and just won't budge. Your strategy of sending a letter is not likely to be successful if you are trying to lower your interest rates. You'll have to get on the phone and talk with the credit card companies. I know that can be stressful, but it's the only way to get someone to respond to your requests. If you are able to read our ebook Reduce Debt, Reduce Stress, I would encourage you to do so. It will walk you through your options and help you decide on a strategy for tackling your debt. If you can't read the ebook, then your next step is to either call the credit card companies or call a credit counseling agency. I don't know the details of your situation - how much in total you owe, how many creditors etc. - but a counseling agency may be able to help you put together a repayment strategy. If, instead, you decide to call your credit card issuers directly, understand that they may decide to review your account and that could result in a lower credit limit or closing your account. On the other hand, some consumers have told me their card issuers were willing to put them on hardship programs at lower interest rates. It could go either way. Please let us know if we can be of further help.

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Negotiating Credit Card Rates

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