When to Ask for a Break on Interest?
Results 1 to 12 of 12
  1. #1
    Registered User daughter of pearl's Avatar
    Join Date
    Jul 2008
    Location
    I live in an eastern suburb of Toronto in Canada, near Lake Ontario and lots of park land.
    Posts
    569
    Post Thanks / WTG / Hug
    Blog Entries
    17
    Rep Power
    9

    Default When to Ask for a Break on Interest?

    I have a debt that has a 24% interest rate which is KILLING me...I wa consistently late paying but now have paid on time for coming for three months. At what point does ot make sense to ask them to adjust the interest rate?

    Help!

  2. #2
    Banned
    Join Date
    Jan 2007
    Posts
    10,457
    Post Thanks / WTG / Hug
    Rep Power
    48

    Default

    Quote Originally Posted by daughter of pearl View Post
    I have a debt that has a 24% interest rate which is KILLING me...I wa consistently late paying but now have paid on time for coming for three months. At what point does ot make sense to ask them to adjust the interest rate?

    Help!
    Not to be a downer...but you can ask all you want and I doubt they will have mercy on the interest rate anytime soon.

    If you have another cc that you can transfer the balance too with a lower interest rate, that may be a possibility...but then again if you have been late, most likely all your other creditors know this and can jack your interest up too no matter if you paid others on time.

    Depends on the balance and all, but some can get a signature loan for a cheaper interest. Did this once and combined my debt to one payment.

  3. #3
    Registered User frugalfranny's Avatar
    Join Date
    Mar 2009
    Location
    PNW in summer---SW in wnter.
    Posts
    12,986
    Post Thanks / WTG / Hug
    Rep Power
    65

    Default

    Quote Originally Posted by Palooka View Post
    Not to be a downer...but you can ask all you want and I doubt they will have mercy on the interest rate anytime soon.

    If you have another cc that you can transfer the balance too with a lower interest rate, that may be a possibility...but then again if you have been late, most likely all your other creditors know this and can jack your interest up too no matter if you paid others on time.

    Depends on the balance and all, but some can get a signature loan for a cheaper interest. Did this once and combined my debt to one payment.

    I agree with the above........EXCEPT......if you have been late that much I doubt that you could get a signature loan in this economy. You MAY luck out with another CC however........figure the cost to transfer and know FOR SURE how long the interest will stay at the lower rate.

    But...........never hurts to ask........all they can say is "no".......

  4. #4
    Registered User militlady's Avatar
    Join Date
    Feb 2009
    Location
    Idaho
    Posts
    615
    Post Thanks / WTG / Hug
    Blog Entries
    5
    Rep Power
    8

    Default

    I have been trying to get b of a to lower my son's interest for over a year, no such luck. His is at 29.99%. He is just going to have to buckle down and pay the darn thing off and cancel the card with them. At first they said if he paid on time or early for 6 months they would consider it. Nope, didn't happen. I will be paying his bills while he is in Iraq and I guarantee you he will not have that bill when he gets home.

    I guess the only thing you can really do is call and ask, the worst they can say is no. Good luck.

  5. #5
    Registered User Contrary Housewife's Avatar
    Join Date
    Mar 2007
    Location
    Kansas City
    Posts
    4,649
    Post Thanks / WTG / Hug
    Blog Entries
    75
    Rep Power
    43

    Default

    It used to be that if you were good for a year you could usually get a better rate, but things have changed so much that I doubt they'll consider it. And if it's only been 3 months your chance is pretty low, near impossible I'd say.

    They're screwing you because they can.
    Use it up, Wear it out,
    Make it do, Or do without. ~unknown

    You can't always get what you want
    But if you try sometimes you just might find
    You get what you need ~Rolling Stones

    A clean house is a sign of a wasted life. ~unknown

  6. #6
    Registered User daughter of pearl's Avatar
    Join Date
    Jul 2008
    Location
    I live in an eastern suburb of Toronto in Canada, near Lake Ontario and lots of park land.
    Posts
    569
    Post Thanks / WTG / Hug
    Blog Entries
    17
    Rep Power
    9

    Default

    This is kind of as I suspected. At the current rate, and my current ability to pay, I will be out from under this one in 2.5 years.

    I guess I just have to bite the bullet. Ouch! My teeth!


  7. #7
    Rude and Vile Master Greebo's Avatar
    Join Date
    May 2008
    Location
    Baltimore, Maryland
    Age
    45
    Posts
    8,563
    Post Thanks / WTG / Hug
    Rep Power
    77

    Default

    Call every day, and meanwhile shop around for a card you can do a balance transfer to.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"


    Greebo
    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
    WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three
    Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!

  8. #8
    Registered User
    Join Date
    Apr 2010
    Posts
    14
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    I agree it's going to be tough. They've recently gone and jacked people who were for many many years at single digit interest rates and paid "in full" consistently on time well they've now gone and jacked them up to double digit interest rates. Kind of sucks when a person has always paid in full on time for many, many years, but that's what these sharks have been doing. Everyone gets to suffer now I guess.

  9. #9
    Registered User Mom2-3's Avatar
    Join Date
    Jun 2008
    Location
    Here;)
    Posts
    867
    Post Thanks / WTG / Hug
    Rep Power
    9

    Default

    Can they charge you more interest by calling and asking? I would call and see what they can do for you. The worst they can say is "no"

    Good luck

  10. #10
    Registered User NikoSan999's Avatar
    Join Date
    May 2009
    Location
    Florida
    Posts
    7,612
    Post Thanks / WTG / Hug
    Blog Entries
    1
    Rep Power
    47

    Default

    Nope, not gonna happen. They can't eat you or knock down your door but not gonna happen.
    Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.

    Challenges
    Coupon Sales Challenge/August
    $

    Coupons for Year / $745.54

    August/ Grocery
    /Goal $175.00 Total

    Groceries for Year minus Jan & Feb
    $504.98

    Eat Out No More Sept
    Goal 20
    Accomp/24


    No Spend Challenge
    Goal 10
    Accomp/14

    Change Jar 2014
    $

    Christmas Fund 2014
    $

    Emergency/Sinking
    $100

  11. #11
    Registered User Josephhgoins's Avatar
    Join Date
    Nov 2009
    Location
    Morrisville, NC
    Posts
    904
    Post Thanks / WTG / Hug
    Rep Power
    12

    Default

    Thanks Greebo!!! Never thought of the PIA approach.

  12. #12
    Moderator monkeywrangler71's Avatar
    Join Date
    Oct 2006
    Location
    Nova Scotia
    Posts
    3,898
    Post Thanks / WTG / Hug
    Blog Entries
    9
    Rep Power
    26

    Default

    Quote Originally Posted by daughter of pearl View Post
    I have a debt that has a 24% interest rate which is KILLING me...I wa consistently late paying but now have paid on time for coming for three months. At what point does ot make sense to ask them to adjust the interest rate?

    Help!
    If this debt is a credit card through a major Canadian financial institution, they probably offer a low rate card which you can switch to for a small annual fee. Call and ask if they have a low rate option (or check their web site).

Similar Threads

  1. 3% Interest for 6 Months
    By kae in forum Dave Ramsey
    Replies: 15
    Last Post: 01-03-2012, 05:20 PM
  2. Move 17K from 0.4% interest savings to 3% interest personal checking?
    By BrendonTW in forum Debt Reduction & Money Management
    Replies: 2
    Last Post: 01-19-2011, 10:20 AM
  3. Would this interest anyone?
    By Missy in forum Needle Arts
    Replies: 10
    Last Post: 03-11-2006, 12:49 AM
  4. Out Of Interest!
    By UKMum in forum Frugal Living
    Replies: 9
    Last Post: 01-30-2006, 05:24 PM
  5. Kim (QuilterM) something of interest
    By forestdale in forum Green Living
    Replies: 10
    Last Post: 11-17-2005, 03:01 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •