Hi guys here goes my into, I'm 23 and opened my first card in 2003. I was doing well a few years back and have been in sales for the last few years. My industry has slowed down and I've been putting a lot of my business expenses on my cards. Long story short, business is still slow, expenses have added up. The Problem: 3 cards. Discover: $12,700 Cap1: $3,007 Chase: $3,900 The first two cards are at max, the chase is about 1/2 way. I have not put anything on the cards for the last two months. I am not behind, but cannot get ahead. It is all my debt, and I will pay it back as its my problem. My score went from 724 to 688, mostly being from the high balances I am assuming. So, in my research on this great forum, what I need to do is call the companys and ask for a intrest rate cut or some type of hardship payment plan? Just checking to see if this is correct or should I do something differently?
Your best option is to ask for a reduced interest rate on the existing cards. You may want to consider looking for a promotional rate card with a 0% balance transfer rate, though these are fading fast. This would give you some breathing room.
Don't think asking for a reduced intererst rates will go anywhere. According to recent news reports credit card companies are actually increasing their rates on customers who have a stellar payment history even though they are nowhere near their credit limits. CCs are raking in $$$ now because they are in anticipation of a Democrat becoming President and a Democrats controlled Congress undoing many of the 2005 bankruptcy provisions which lined creditors' pockets.
This may be true, but "nothing ventured, nothing gained". It can't hurt to ask. Interest rates are falling, and competition will start again in the CC business.
I wouldn't count on the BK provisions being undone, either. Cynicism and wishfulness will get you nowhere. We haven't even had the elections yet. Don't count on an outcome. Getting any legislation reversed is usually an uphill battle. It certainly won't happen overnight.
0% Interest Credit Cards on Creditnet 0% interest credit cards are still out there: www.creditnet.com/credit-cards/0-percent-interest-credit-cards/
