is it true that credit card interest rate can be dropped if?
October 11th, 2009 | by admin |One Man Army asked:
i live in ontario canada, and i owe 13500 on my credit card and they are taking 220 a month in interest and its becoming too much, but i heard a rumor that you can get them to lower how much they take because they dont want to see you go bankrupt and all of that jazz. Is this rumor true, and how would i go about doing this
CAREY
3 Responses to “is it true that credit card interest rate can be dropped if?”
By the kid on Oct 13, 2009 | Reply
They can lower it if they want. or they can not lower it. They would prefer you pay all the money back, of course, so they may lower the rate to avoid a bankruptcy and losing out.
By sassy25 on Oct 13, 2009 | Reply
Only you can negotiate a lower rate. Call the company
By Slowhand on Oct 15, 2009 | Reply
It is in the best interest of the Bank that issued your card to have you pay it off as long as you can. Since it is their card and they set the interest rate, it is their option to change that rate if they want to. You can call and explain your situation to them (making it clear that if something doesn’t change you might have to default or go bankrupt) and ask them to lower your interest (and thereby your payment) rate. You can also ask them how much they might accept in the form of a one time payment to settle the outstanding balance of your card. You might be surprised. I had a friend who settled a $12,500 outstanding credit card debt for $4.300 in a one time cash payment. He borrowed the money from me. Yes he is paying me back a little at a time, but his payments to me are much smaller then he used to have to make to the bank and his credit record is pristine. Good luck.