Balances to high….
May 15, 2008
So there is a solution to paying all the high interest rates. Well that is all granted you have not exhausted all you limits. Applying for a new card with a much lower interest rate is a good thing…if you can get accepted. Unfortunately if your credit cards are all near the limit basically no one is going to give you a new card even if its to transfer a balance. I recently learned of this first hand. And why do you suppose all these people are willing to give you credit and then suddenly increase your interest when you have never been late on a payment and currently have several accounts with them Makes no sense to me. Seems as if they would want to try and keep their paying customers happy; especially the ones who have had no late payments, no over the limit fees and have been steady customers for several years. I am not sure that there is any credit card company that does not eventually raise the interest rate. A lot of them also pull fast ones like “oh your such a good customer we are going to increase your limit”. Yes they do increase the limit and as soon as you take advantage of it they also raise your interest rate which always raises the payment. My advice if at all possible when you receive those notices that your rate is increasing call and ask why, then simply tell them if not left the way it is you are taking your business elsewhere a lot of the time they change their tune. Some are not that cooperative though. When this is the case balance transfer as many times as necessary ; yes you may only get that low interest rate for a year; however you can make the same payment and the balance will decrease faster on a low rate card. Sometimes you can even get zero percent for twelve months so everything goes to the principal.
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