Creditcards and Consolidation how to
Date: Wed, 02/21/2007 - 09:12
I have a Question. Me and my Husband got in Debt after he left the Military 3 years ago, trying to find a civilian job and got cought up in some medical bills. We own our own home and pay every month about $700 in creditcards...we are tight, but manage and are not late.However, we tried to consolidate our debt with our bank eaven thinking second Morgage,since some cards just dont want to lower our interest rates, or take off Finance Charges.The loan we need and applied for would cost us only half of what we are paying on the cards,still we we got denied because of Income debt Ratio.It makes no sense to me, i pay the higher right now, so i know i could make the lower pay... any advice???
And how can i better approach the Credit Card Companys to lower my interest rates or take of finance charges, and take me more serious?
And how can i better approach the Credit Card Companys to lower my interest rates or take of finance charges, and take me more serious?
Your bank denied you because there is so much debt being paid th
Your bank denied you because there is so much debt being paid that they consider it a risk they do not desire to take. Since you have registered with us,a counselor should be contacting you. Explain your problem in detail and they should get you pointed in right direction.
I have one thing to add. If you are calling credit card companies to explain this problem,you need to find a way to get past the "phone drones". This would be the level one CSR's. Ask to be sent to retention or special handling dept. If that is not working,look them up on internet and dig out some email addresses from their website and send letters to their corporate offices.
Quote:It makes no sense to me, i pay the higher right now, so i
Quote:
It makes no sense to me, i pay the higher right now, so i know i could make the lower pay... any advice??? |
This logic is wrong. You pay higher right now but you may not be able to continue this for long. The credit card companies have already assumed that you may default when you proposed them a lower interest rate. This doesn't mean that all doors are closed for you. Take a look at the DIY. You have to re-negotiate on and on, make a couple of payments towards the account and prove your point. You may take professional advice from a debt counselor. He will be a big help with his suggestions.
