I work for a non-profit credit counseling agency, and basically what their credit counselors do for their clients is call the creditors directly and tell them that their client is under financial duress and they're reaching out to their creditors for help with the interest rates as well as getting the fees waived.
Here's the deal, the last thing that a bank wants to do is charge off the loan. That affects their bottom line; reflects poorly on their revenue numbers and will get their investors and board of directors asking questions. So basically a bank will do anything to avoid a charge-off.
Your best bet is to got the creditors directly and tell them your financial situation and tell them you are having problems making the minimum payments. If the bank's smart and doesn't want to take a loss in the foreseeable future they are not going to want to charge off their balance, and sell the loan to some collections agency for like $.25 cents on the dollar.
Your credit score plays a huge role in determining the interest rate that credit card companies are willing to offer you. Generally, the better your credit score, the lower the interest rate you can expect to pay. You may want to get a copy of your credit score, and see if there are any discrepancies or outstanding debts that you didn't know about. If you can fix these problems, your credit score will generally improve over time, and then you can reapply for a credit card with a lower interest rate, or call your credit card company and see if they can give you a better deal with your improved credit score.
First you should run a check of your credit score to see if you qualify for a lower interest rate. If your credit is in good shape many companies are willing to let you put existing debts on a new card with a lower interest rate.
When you have a balance on your credit card, you are paying interest. If you can find a credit card with a lower interest rate and a 0% balance transfer, you will be saving money.
The major difference between a Platinum credit card and a standard credit card is that with a standard credit card credit limits are lower than what they would be with a Platinum credit card. Interest rates will differ as well.
One can consolidate credit card debts by rolling them into one lower interest credit card. Many companies offer this service such as such as 'Credit Guard' offer this service.
To transfer from a high interest credit card to a lower interest credit card
You can find information about the average credit card interest rate online at websites such as Bankrate and My Credit Union. You can find information on how to lower your current credit card interest rates at the Daily Finance website.
Your credit score plays a huge role in determining the interest rate that credit card companies are willing to offer you. Generally, the better your credit score, the lower the interest rate you can expect to pay. You may want to get a copy of your credit score, and see if there are any discrepancies or outstanding debts that you didn't know about. If you can fix these problems, your credit score will generally improve over time, and then you can reapply for a credit card with a lower interest rate, or call your credit card company and see if they can give you a better deal with your improved credit score.
First you should run a check of your credit score to see if you qualify for a lower interest rate. If your credit is in good shape many companies are willing to let you put existing debts on a new card with a lower interest rate.
The lowest interest rates on a credit card are made when the person has a good credit rating. The higher the limit, the lower the interest rate also.
When you have a balance on your credit card, you are paying interest. If you can find a credit card with a lower interest rate and a 0% balance transfer, you will be saving money.
The major difference between a Platinum credit card and a standard credit card is that with a standard credit card credit limits are lower than what they would be with a Platinum credit card. Interest rates will differ as well.
The average interest on a credit card in the USA is around 20 percent. Depending on how good your credit score is, you will get a better or worse interest rate. If you have very high interest rates but continue to pay your credit card on time the company may lower your interest rate.
The card company allows a grace period before interest is accrued.
One can consolidate credit card debts by rolling them into one lower interest credit card. Many companies offer this service such as such as 'Credit Guard' offer this service.
Interest fees vary depending on the credit card company. Most companies apply interest based on your credit score and credit history. To obtain a lower interest rate, increase your monthly payments or make payments more frequently. The more payments you make the lower your interest will be.
Credit card consolidation consolidates all of ones debt. Credit consolidation makes it easier to pay off ones credit card debt with a lower interest rate than most credit card companies.