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Today’s guest post comes to us from Kevin. Kevin is a writer for www.debteye.org, a fellow Yakezie group participant. Debteye is a place where you can get unbiased opinions on anything related to personal finance. Kevin previously owned a debt settlement company prior to joining the DebtEye team. He is a certified debt specialist and also works with credit counselors across the nation.
Banks don’t want to lose you if you’re a well-paying customer, and they’ll do everything they can to keep you on-board. Also, if your current interest rate is already pretty low (my guess would be 10% and under), you probably won’t have much of a chance getting them reduced.
While it is true that banks have an incentive to help struggling customers, banks typically have different types of program for hardship candidates. These programs will CLOSE your account and can impact your credit report.
How about you all? Have you tried to negotiate a lower interest rate on a credit card or other debt account? Were you successful? What resistance did you encounter?
Share your experiences by commenting below!
Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.
- @ Minimum interest rate needed to bother asking for a reduced rate – I definitely agree with the idea that you probably shouldn’t bother asking for a reduced credit card interest rate if your APR is already around 10%. This is most likely the minimum that you can get anyway, so you’re already doing well for yourself and your bank account levels!
- This same topic will actually be step 3 in my series of helping a friend get out of debt. In that post, I’ll build on several of the topics discussed here! Keep an eye out for that post, on the way soon!
***Photo courtesy of http://www.recessiontips.com/wp-content/uploads/2009/04/homermad-150×150.gif