My husband and I have been struggling to pay our bills following a real patch of bad luck. While we do generally avoid going 30 days late on most things, we almost always miss the due date. As a result our interest rates are now over 20% on everything. Is there anything we can do? When I call CS they say we have to pay on time for 6 months before they'll lower the rates. The accounts in question are Citibank, Chase, Providian and Capitol One. Thanks! Poochie
PAY ON-LINE...you should NEVER miss the due date as long as you do it 1-2 days before the due date...
Thanks George - I hope we can get to that point but the problem has been cash flow - we don't always have the cash at the right time. I'm hoping I can beg and plead for them to lower the rates. Poochie
I would pay bills in this order 1st Credit Cards (on time) 2nd Mortgage (no more than 30 days late) 3rd Utility bills (no more than 30 days late) Stay in contact with your mortgage & utility co. If you rent then you may have to pay late fees but at least you won't have a 30 day late on anything. thats my 0.02
Re: Re: What to do abt high interest rates? It might be time to consider making some material sacrifices in order to get into to put the tow of you on a more sound financial footing! http://www.daveramsey.com He has some good advice to help manage debt as well as help become debt free!
Re: Re: What to do abt high interest rates? Not sure about putting cc's above a mortgage payment - I was told that a mortgage should be paid above everything else. I don't have any documentation of that, but it sticks in my head for some reason that when you're late on a mortgage it's worse on your report than a late cc payment. Not gospel here, nothing to back it up, but it's stickin' in my brain from back when we were trying to figure out which bills could wait another month... Ozzy.
Re: Re: Re: What to do abt high interest rates? Ozzy I agree, mortgage first. IMHO you never want to lose a home. Personal.. then comes car ( you need a way to get to work to pay the mortgage ) then followed by CC's. Paying utilities could come last IMHO because their late fees are what like 1% or (highest) 5% of the total bill. Plus they have easier hardship and budget programs then CC's. Good luck with your APR's and after your 6 months get on that phone and get it lowered. Then call at the 7th month and so on and so on.
Re: Re: Re: What to do abt high interest rates? IS there any way to ask them to lower the rates now, instead of waiting? We're jeopardizing our ability to pay at these rates - if they could lower them, even temporarily we would be better able to keep up and therefore it would be a win for us and for them in not having to worry about getting paid. I'm wondering whether anyone has experience begging for a lower rate (outside of credit counseling, I mean.) Thanks so much! Poochie
Re: Re: Re: What to do abt high interest rates? Hey Guys, I said mortgage 2nd but do not go over 30 days. You won't loose you house making late payments under 30 days you will just get late payment fee. My bank gives me 15 days before a penalty is assesed. I think the late fee is worth it if you figure a CC debt of say 10,000 at 29.99% vs 9.9% It is only temporary until they can get things straightened out. Above all please don't let this bump in your life put too much stress on your marriage. Work together on this.
PAY ON-LINE...you should NEVER miss the due date as long as you do it 1-2 days before the due date... GEORGE~~A.K.A. RODNEY DANGERFIELD ============================ Works good unless you don't have a computer or don't know how to use one. Don't feel that ones credit rating should be contingent upon ones method of making payments.. LB 59
