When to Ask for a Break on Interest?

**daughter of pearl** · 04-04-2010, 11:40 PM

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!

**Palooka** · 04-05-2010, 12:00 AM

Originally Posted by daughter of pearl

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.

**frugalfranny** · 04-05-2010, 01:51 AM

Originally Posted by Palooka

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".......

**militlady** · 04-05-2010, 04:39 AM

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.

**Contrary Housewife** · 04-05-2010, 12:47 PM

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.

**daughter of pearl** · 04-05-2010, 12:55 PM

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!

**Greebo** · 04-05-2010, 01:47 PM

Call every day, and meanwhile shop around for a card you can do a balance transfer to.

**SimplyPrim** · 04-05-2010, 05:37 PM

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.

**Mom2-3** · 04-05-2010, 07:28 PM

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

**NikoSan999** · 04-06-2010, 09:59 AM

Nope, not gonna happen. They can't eat you or knock down your door but not gonna happen.

**Josephhgoins** · 04-06-2010, 01:51 PM

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

**monkeywrangler71** · 04-06-2010, 04:13 PM

Originally Posted by daughter of pearl

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).