I understand your question

Dave Ramsey has addressed this question on his radio station.

You need to know what the average interest rate is on each of those cards as well as what other cards are advertising as their normal rate – do not use promotional rates. Then have your husband call and ask to have the rate lowered to the norm. If he does not get a positive response, tell them that you have no alternative then to transfer them all to another account.

If that threat does not work, walk up their food chain (supervisor) as far as you can. If they do not follow through, find another company that will play ball with you. Transfer the debt, close the old account, and do not charge anymore to the new account.

I have done this and they usually will lower it back; although I did not have any tied to prime. I have also transferred everything into a single low interest rate account and then immediately closed that account and set-up automatic payments. Now, before I get barraged with – never, ever, ever give them access to you checking account, let me explain. The cc was with my credit union and was already tied to my checking account. They could not take more than they were allowed to. Any problems, one call was all it took.

A lot depends on your credit standing. If you still have good credit (just too much of it) you have more options. If you have bad credit, your options are limited.

While I still had good credit, I was able to get 5.99% by calling the companies and telling them I had been offered a year of 5.99% on all balance transfers to a new card. They lowered my card to the same to keep my business. (BTW – the new card offer was the truth.)

I’m sorry I didn’t mean for you to take it that way, You can ask for 8.99 or even prime. You can even close the accounts and say you want to pay them off as fast as possible on a payment plan, say $xx amount for 2 years/6 months or faster, you can do what ever you want and can get away with.

I just wanted you to realize the reason the APR’s are going up is because what is on the other cards. Alot of people don’t know that if they are at the max limits or raise limits on the other cards you run the risk of all of you APRs going up, good on time payer or not. And as we all know they got you and keep reeling you in, one offer after another.