How to lower interest on a f'n credit card.

[Buck531]

Ok, so I have this Citi-bank card I've had for at least 5-6 years. I noticed on my statements a few months ago they bumped the freakin interest rate to 17.49 f'n percent!!!!!.

 

Never missed a payment. Never was late, always paid on time, etc.

 

So I call them up a few months ago to see what I can do about getting it lowered.

 

"Sorry Sir, we cannot go any lower right now". Ok. WTF. That's bullshit.

 

So, I was thinking of calling them up and saying "Ok, so you can't help me? Let's just go and cancel the card." Normally when that happens they'll transfer me to some other moron who asks me why I want to cancel and so on. Maybe they'll lower it then.

 

Given, I DO have a good amount on the card. Over 10k. Interest @ 17.49 percent.. my Monthly (minium) payment is $250. $177 of that goes to interest. :bs: .

 

So.. anyone got any good ideas to get them to lower it?

[MrMeanGreen]

Go with a 0% interest credit card, transfer the balance from your current card, then close it and tell them to go fuck themselves.

 

Or, don't use one to begin with. Then you wouldn't have to worry about it

[thorne]

Get a Card with a low trasnfer intrest but dont do it will you can make a serious dent in that card IE 5k off. I racked up 15k in credit cards at one point very bad idea. Also if ou have 7k or so call and ask to settle the account.

[Guest GSRchick714]

Go with a 0% interest credit card, transfer the balance from your current card, then close it and tell them to go fuck themselves.

 

Or, don't use one to begin with. Then you wouldn't have to worry about it

I agree. I use credit cards just because its convenient but I've never had a balance...I just don't go overboard and I pay it off each month. But since you're past that point, just transfer to another card that has 0% interest and then cancel your citi card.

[Buck531]

Well, most of it when I was laid off for 6 months 3 years ago and my wife hasnt' worked since the 2nd baby.

 

Can't get another card. They won't give me one with a 10k+ balance. They say the outstanding debt I have is too great" or something like that.

 

I would LOVE to not use one, but it's pretty much impossible at this point. Unless my wife finds a job here real quick. It's how I pay for gas and such.

[Guest GSRchick714]

Yea, I can understand that with your wife having no job and all.

Try to transfer to another company. I get mail all the time offering to transfer my balances at 0% interest rate for the first 18 months or so. I know thats not forever BUt you could always keep transferring - haha.

All I'm saying is no need to stay with Citi really. Check out Capital One or Discover..thats who I'm with and I've been happy. With Capital One you can choose between Visa and Mastercard.

[Buck531]

yeah.. Read above though . Most places wont' give me another card. Hell, i WORK at a bank and they won't give me one . I'll try a few others for giggles though.

 

Hell, I called them up, This chick couldn't speak SHIT for english. I asked almost every time she said something "what was that?". I could tell she was getting frustrated. Hell lady, learn the f'n language so you won't get frustrated at a customer.

 

Anyways, she said no, f' off. I told her who I could talk to about cancelling the card. She came back about 15 seconds later and she said "ok, it's cancelled". WTF.

 

Grr. So I call back again. This other dude transfers me to some collection department (no, i'm not deliquient on the account). He was kinda confusted on why they even gave me to this guy.. so.. hang up.

 

Call back again just to get the card re-instated because I need to use it here shortly.

 

Bastards. :asshole:

[desperado]

Dude, you are in the same shit that I was 5 yrs ago. And there is only one way out, bankrupsy. If you are NEEDING a card with a line of 10K then I assume that you are pretty near that as a balance. So you aren't to far in the hole. I was $40K plus when I did it, I will say that if you are thinking about it, you need to get it moving quick, because the laws are going to change in October on what you can file on. And people in your situation are going to get the ability to file a 13 and get it wiped away taken from them. And consider this, it will hurt for 5 yrs, then it will be gone. Just how long will it take you, at the current interest rate on your card to pay the bastard off making the payments that you are right now. Figuring that on $1000 line of credit, paying the minimum payment will take you 30 yrs to pay it back. And the first time you are late with a payment, you will go to 24.99% interest and be there until the balance is paid.

 

I am not trying to tell you what you need to do, I just know that I went through it and found out what fuckers credit card companies can be. ANd they hold all the cards here. They know if you had the ability to pay off the card that you wouldn't need it to begin with, so you ar eat their mercy to fuck you any way they see fit to, and all you can do is lay there and scream.

 

Now I realize that life has put you in a bitch of a situation when it comes to money. I been in that sitaution too. No job, and trying to live, we lived off the credit cards. And doing that will sink you faster than anything else. I would advise you as a perosn that has been through it, you need to try to do everything in your power to NOT continue living on your credit card.

[Buck531]

Yeah.. well, i'm MUCH more into it than the one credit card. I got much more than that .

 

It's just been a shitter that the wife hasn't worked in 4 1/2 years, that's what killed it.

 

She's really looking for a job now that the kid is going to school full time. That way I'll be able to NOT use the credit cards, save up some $$ and start paying off the damn things.

 

I really don't want to do bankrupsy. That's one thing I won't do. My brother did it, and I don't want to . But thanks for the help.

[CJINOHIO03]

Well they had to send u a notice in the mail before they increased it. They are normally sneaky and stick it in with your statement. You can close it to avoid the increase. I would call and ask why and when it was increased. I can tell u know they prolly pulled your credit and saw u had other high balance and decided to stick it to you. They know you cant get another card some where else and figure down the road you wont pay them either. It is called adverse action reprice how do I know this? I used to do this as job...APR stuff that is for First USA/Bank One now chase...

[Buck531]

Well they had to send u a notice in the mail before they increased it. They are normally sneaky and stick it in with your statement. You can close it to avoid the increase. I would call and ask why and when it was increased. I can tell u know they prolly pulled your credit and saw u had other high balance and decided to stick it to you. They know you cant get another card some where else and figure down the road you wont pay them either. It is called adverse action reprice how do I know this? I used to do this as job...APR stuff that is for First USA/Bank One now chase...

 

eh.. that's where I work now . The card I have is a Citi-card. our competitor .

[thorne]

I tried to do bankrupcy recently and was told i make to much money because i live below my means im punished even though i have outstanding debt.

[Guest GSRchick714]

Maybe just keep trying hard to find your wifey a job and cut back expenses as much as possible....money sucks.

[Sam1647545489]

Assuming you have a house, I would say get a home equity loan on the house and use that money to pay it off and close the account. A 10k loan added to an average 150k loan on a house is not goin to make a payment go up to much. Maybe look into that. Other then that if you are in for more then 10k in debt maybe give Greg with the red 99 cobra on here a call or a pm, he knows alot about this type of stuff. He might be able to help...

[Conesmasher]

I would say transfer as much balance as possible on to any other card that you can. In other words, get more cards at 0%. If it's $2000 then it's $2000 that you won't be paying interest on and that is a whole lot better than paying interest on $10k. Anything that you can do to a lower interest rate on anything is going to be better than what you have. If you can't handle credit cards though, then don't bother.

 

(The more cards that you open up, it will help you in one aspect, debt to available credit)

 

Do you have any family members that deal with an established credit union? Ask them to see if you can become a part of the credit union. Take care of it that way.

 

Borrowing against a home is a good deal too, it's cheap money.

 

It's all about finding cheaper money, point blank.

 

If you would like to continue trying to pursue things with your current card company. Lie to them. Explain to them that you just spoke with Brad at Discover Financial Services who offered you 3.9% on balance transfers, with an available credit limit of 15k. Ask them if there is any reason that you should not take them up on the offer to transfer your balance to Discover?

[Mallard]

Read all the fine print before transferring your balance all around. A lot of cards can advertise 0% but they have floating interest rates after a certain date.

[Buck531]

Assuming you have a house, I would say get a home equity loan on the house and use that money to pay it off and close the account. A 10k loan added to an average 150k loan on a house is not goin to make a payment go up to much. Maybe look into that. Other then that if you are in for more then 10k in debt maybe give Greg with the red 99 cobra on here a call or a pm, he knows alot about this type of stuff. He might be able to help...

 

 

I already have a HELOC . I got one about 2 1/2 years ago or so. I transferred a balance to that, put my car on it (dumbass me), and the credit card.

 

So.. I "might" be able to re-finance the house, put the HELOC into it (line of credit if you didn't catch that yet), and just move a good chunk of the CC debt to the Heloc. The heloc is like 8.5 %. CC.. 17.4.. hmm.. If I do decide to do it this way, I'd probably still end up saving money in the long run.

 

And yes, The wife IS in search of a job. She knows we need it, she's working on it.

 

It's hard to attempt to even save up ANY money when you're living check to check. It's impossible.

 

Luckily my 4 year old with Autism has a scholarship through the state or else I'd be shelling out ANOTHER 22k a year for tuition. Yep. 22k for a 4 year old with autism to go to a special school

 

Damn, my life ROCKS! :bs:

[Bam]

Those are all good idea's and hopefully you can get somebody to work with you. And I understand your wife not working and having a child. Shit we have a 3 month old and medical bills are killing us, literally, and there is no way we could afford for her NOT to work. But honestly, why have you been continuously modding your car and now doing an engine swap? I mean yeah cars are cool and its fun to mod, but you have to understand when there needs to be a line drawn, and where paying down your bills would be smarter than that new exhaust or trans.

 

Again, not trying to be mean or go where its unnecesarry, I'm just pointing out where you could save money and possibly pay down your debts.

 

Good luck and I hope the best for you and your family.

[Buck531]

Those are all good idea's and hopefully you can get somebody to work with you. And I understand your wife not working and having a child. Shit we have a 3 month old and medical bills are killing us, literally, and there is no way we could afford for her NOT to work. But honestly, why have you been continuously modding your car and now doing an engine swap? I mean yeah cars are cool and its fun to mod, but you have to understand when there needs to be a line drawn, and where paying down your bills would be smarter than that new exhaust or trans.

 

Again, not trying to be mean or go where its unnecesarry, I'm just pointing out where you could save money and possibly pay down your debts.

 

Good luck and I hope the best for you and your family.

 

I sold all the parts that i put when I was NA, and bought the motor. I actually made $200. I'm not doing jack to this car for a while. Just needed to drive it.. and have it reliable. That's all. And have fun later on.

 

Dont' get me wrong, I can pay every single bill each month with no issue. Saving is the other issue.

[martindc1]

First of all, don't get any more credit cards, whether they have a balance transfer option or not. ALL cards will have a regular interest rate that kicks in after usually 6 or 12 months. FWIW the only card I have ever seen to have a lower interest rate than the one you are dealing with is an American Express. Credit card APR is often based off the current prime interest rate except it is compounded continuously to have an effective APR of nearly 20%.

 

Basically you need to make sure that you are paying more per month than spending. The best way out would be to pay it off using either a home equity loan, a personal loan, or refinance the house. Don't feel bad though because I have heard of people six figures in credit card debt.

 

BTW my little brother (actually my half brother) is autistic.

[GRN96WS6]

I just got a loan from a credit union for mine so I could consilidate and drop my payments. One was at 25% and the other was at 17% and I got a loan for 12%. I will have them paid off here shortly if things go my way. I'd try a credit union but honestly if you have a house you need to use it to your advantage.

 

DO NOT USE THE CARD AGAIN IF YOU DO THAT THOUGH!

 

I'll never EVER use mine again unless I NEED to.

[HotCarl]

First i would HIGHLY recommend NOT filing bankruptcy, trust me it will haunt you for the next 15 years in some way/shape/form. True people may say after 5 years its all over, yeah try and get a CC in 7 years and see what they say. or how about buy a new house? car? anything requiring any sort of credit? Your way too young to do that man.

 

Do you have a 401k? how much is in it? how long have you worked at your job? the option im getting at here is you can take a loan out from yourself from your own 401k. traditionally this is a BAD (<emphasize) idea, but im guessing your 30-35 year's old, which means you still have another 25-30 years in which you'll be able to be a healthy working person, plenty of time to start putting more money back into your 401k, or start a Roth IRA or even a traditional IRA.

 

Sorry alot of this information is based on your living situation and age, i could be wrong you may be ready to retire or you maybe be younger than i am. i got most of my info from a book by Suze Orman, she seem's very educated on subject's that effect the younger generation (ie. ages 20-35ish) if you'd like you can borrow the book after im done with it.http://www.amazon.com/exec/obidos/tg/detail/-/1573222976/qid=1126145705/sr=8-1/ref=pd_bbs_1/103-8281824-8303859?v=glance&s=books&n=507846 it looks like alot of people just like to give advice that they have heard from soandso and so on and so on, so why not just educate yourself on what to do? goodluck man.

[Guest powers]

First i would HIGHLY recommend NOT filing bankruptcy, trust me it will haunt you for the next 15 years in some way/shape/form. True people may say after 5 years its all over, yeah try and get a CC in 7 years and see what they say. or how about buy a new house? car? anything requiring any sort of credit? Your way too young to do that man.

 

Do you have a 401k? how much is in it? how long have you worked at your job? the option im getting at here is you can take a loan out from yourself from your own 401k. traditionally this is a BAD (<emphasize) idea, but im guessing your 30-35 year's old, which means you still have another 25-30 years in which you'll be able to be a healthy working person, plenty of time to start putting more money back into your 401k, or start a Roth IRA or even a traditional IRA.

 

Sorry alot of this information is based on your living situation and age, i could be wrong you may be ready to retire or you maybe be younger than i am. i got most of my info from a book by Suze Orman, she seem's very educated on subject's that effect the younger generation (ie. ages 20-35ish) if you'd like you can borrow the book after im done with it.http://www.amazon.com/exec/obidos/tg/detail/-/1573222976/qid=1126145705/sr=8-1/ref=pd_bbs_1/103-8281824-8303859?v=glance&s=books&n=507846 it looks like alot of people just like to give advice that they have heard from soandso and so on and so on, so why not just educate yourself on what to do? goodluck man.

 

People STOP giving advise on things you shouldn't.

 

For example You can buy a car 1 day out of BK you can buy a house no money down 1 day out of BK. You will get more credit card offers after your bk disscharge than before, WAYYYY more too.

 

Stop listening to all the bullshit you hear from your friend or some guy who got this one loan. Geez

 

Suzie Orman is a dumb whore. If you read in her book that Bk will haunt you for 15 years even though no one would even know about it 10 years later, you have wasted what ever amount you spent on the book.

 

I am not advocating Bankruptcy, but I am using it as another prime example of all the incorrect advice people on this site offer when it comes to money.

 

 

Every person's situation is different. And each person's needs delt with in a different way. Untill you know every last piece of information it would not be impossible to come up with a proper solution.

[Buck531]

Man.. all I asked for was how to lower interest rate on a Credit card.. not filing bankrupsy . I don't think I'll ever do that. I'll be speaking with Greg later on today to see what I can do. .

[Guest GSRchick714]

Man.. all I asked for was how to lower interest rate on a Credit card.. not filing bankrupsy . I don't think I'll ever do that. I'll be speaking with Greg later on today to see what I can do. .

Good plan