Interest Rate Reduction on Credit cards

Hello All, This is my first post to the blog after being a reader for some time. I have some serious debt to tackle after my spouse was laid off from her job of 15 years. I have noticed that most of the advice regarding interest rate reductions, called for continous and persistent telephone contact until you get satisfactory results. I have started doing this but wonder if it would also help to send my requests in writing. If so, does anyone have a sample format that I could use?

You would be wasting your time sending it in writing at this point. just keep calling and asking for someone who can make that decision.

I am in a similar position as you. Do you talk to the first human voice that comes on the line or do you need to ask to talk to a manager? All I’ve gotten from them is that it’s the best rate available for me at this time.

What I have done with some success is talk to the first person who answers, then move up their food chain to a manager. When I get the, “That is the best I can do” and I know it is not, then I usually say something like, “So you do not mind if I transfer this whole amount to card x which is offering me 9.9%? Once I do, I will close this account permanently.” At that point, they will either bid me a fond farewell or go back in and give me a better rating. Sometimes it’s a better idea to apply for one of those bad credit loans with guaranteed approval instead of getting new CC with higher interest rate.

If I cannot get a rating below 12 percent, I go packing and find another card, but I make sure to call the original company back, get a manager, and tell them to close the account and why.

Good Luck.

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