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If you haven't already done so, call each of the credit card companies and ask to have your annual fee dropped and your interest rate lowered to the minimum they will allow. It does help if your card is not delinquent. Many of the credit card companies will drop the annual fee and they will lower your interest rate if you ask them and, of course, some will not. You might be able to influence their decision if you have received a low interest rate special offer from another card for transferring your balance. Tell your credit card company what the introductory interest rate is from the offering company and ask if they can do better or match the rate. Do not open a new account. Only in extreme cases would it be recommended to take on additional credit cards even if your intentions are well meaning. Don't tempt thyself! Note the credit cards that still have an annual fee. These are the ones you will cancel as soon as you can. If they lower your interest rate, then enter the new rate on the form. If they don't, that's okay. If your situation is in dire straits, you can ask the credit card companies to suspend interest and payments for a period of time. Mark the companies that are willing to do this and the length of time they will suspend payments. Okay, we made some suggestions about calling the credit companies but you may not know what to say. Here is a simple suggestion. Write it out and read it word for word if necessary.
Call your creditor (use their toll free number - why pay for the call) and ask for Customer Service. After the necessary account number and identification, say,
"May I speak to someone regarding lowering the interest rate on my account? Would that be you?" (you may have to ask for a supervisor)
When you are speaking to the person in charge,say,
"I am inquiring as to whether I can have the interest rate lowered on my account? Although I am happy with your service, I know of other introductory offers where I can transfer my account balance to a lower interest rate. Is there anyway you can help me?"
After you have your new lower interest rate, ask,
"Would it be possible to waive the annual fee for my credit card?"
Remember to be pleasant and don't allow yourself to get upset no matter what they say. It is a business negotiation and sometimes people (them) get out of hand. You will have better success if you remain calm and determined. Don't despair if none of these suggestions work. We still have a plan to get you out of debt. This will probably take you a few days to get all the information.
This completes Part 1.
In Part 2 of this series, we will be covering how to prioritize your debt and how to allocate your money to rid yourself of the "Debt Monster".
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