So if you want to follow Dave you gotta cut up those cards. I had to change my way of thinking because of the brainwashing throughout the years. The cc companies have us thinking we can’t do without them. But we can.
Doesn’t quite look like you’re getting the answers you want. I think I’m reading this as you aren’t using your credit cards anymore, you’re just trying to negotiate with the credit card companies to lower your APR. Is that right? So all this advice about not using credit cards would seem pretty pointless…
My suggestion is to look at what the national interest rates are and start there. It doesn’t matter if you qualify for the lowest APR or not, the worse they’ll do is tell you no. But it begins the negotiation process. I believe that’s the starting point. If you have a good payment history with them, they may approve it, and if that’s the case, it’s beneficial to shoot for the lowest you can.
You said you have 3 credit cards, I would concentrate heavily on paying the highest interest rate off first. If there’s enough room on the lowest interest rate card to consolidate them, that might be an option. In that case you could even request an extended line of credit just so you can consolidate them into a smaller interest rate and pay them off faster.
I hope these give you some realistic ideas on ways to move forward. I commend you for taking the steps to acknowledging an debt problem and looking for helpful solutions.
AGAIN…I know we have debt. I know what Dave says.
Is there anyone out there who can answer my question, and not give their own version of what I already know?
I want to lower the APR, not to use the cards, but to get them paid off faster.
This is a tough one. I would have the hubby call and ask for a 12% APR. If they won’t wiggle even a little on the percentage (even Dave says) its ok to surf the balance to a card with a lower APR (though I wouldn’t do the 0 then up to 20 card) Heck even getting a percentage or two will make a significant difference in what goes to prinicple. And just remember if you can’t get them lowered just decide to get mad at them and pay it off quicker. Being angry is the best motivation to getting out of debt. And the creepy, teetering on criminal, credit card companies make me super angry especially when they won’t work with you!!!! Save up a little emergency fund as quickly as you can then cut up them evil plastic cards.
I will be keeping you and your family in my thoughts and prayers. Good luck to you keep us posted!