Tag Archives: interest rate

credit card debt consolidation

Posted by on August 8, 2011 No comments

We know that it’s good to consolidate credit card debt (at least that is what we keep hearing from everyone). In fact, the first step towards addressing the problem of general debt is to consolidate credit card debt. Now, what do you do to make this happen ? Should you just go with that attractive ad in the newspaper that says ‘…the lowest APR in the town is available here’?

The first thing, really, is to keep your eyes and ears open. There are always a number of offers available for you to choose from. The credit card suppliers keep coming with new and more attractive offers asking you to choose them. However, you must note that the APR quoted in bold, e.g. 0% APR, is applicable only for a short term (3-9 months). The long term (or the standard) APR is different. So, when you go looking for a credit card to consolidate credit card debt, you must be keenly looking for these 3 things (in terms of APR) – introductory APR, introductory APR period and the standard APR. Let’s see how each one is important.

Introductory APR is probably the most attractive thing to look for when you are looking to deal with your money problems. If you use a card that has a low introductory APR e.g. 0%, the first thing you get relief in terms of the rate at which your outstanding money have been growing. Based on how long that 0% APR period is (generally you will look to consolidate credit card debt with a credit card supplier who offers 0% initial APR), you will at least be able to temporarily break the growth rate.

The longer the introductory period, the better it is. However, you should not ignore the standard APR. This is the interest rate that will be applied to your balance after the expiry of the introductory low APR period that was given to lure you to the supplier. If the standard APR is too high and you know that you will not be able to clear the balance during the low APR period, that one is probably not the best for you. However, if you think that you will be able to clear off the entire outstanding amount during that period, you can make some compromises on the standard APR that you eventually use.

The card that synchronizes with your current and future financial position (and needs), is the one you should make use of to help with your financial situation.

Settling Credit Card Debt – Negotiating Tips

Posted by on May 23, 2011 No comments

It is truly sad that more people are not aware that it is very possible to settle credit card debt personally without ever having to deal with a legal representative. If the credit companies that you owe money to decide to take legal action against you, they will charge you with their no doubt costly legal fees.

It would be wise to call the credit card companies yourself and try to work out a settlement agreement with them on a personal basis. The credit card companies really don’t want the situation to progress to the point where they have to take legal action, so they will probably be willing to negotiate even if your account has been delinquent for several months.

Start by trying to adjust your interest rate and lower service charges that have been applied to your account. Once you know what the credit company is charging you, you will be more prepared to negotiate effectively with them on a settlement.

In your efforts to reach a debt settlement with the credit card company you should focus your efforts on negotiating over the interest rate and service charges first, not discussing the principal. The credit card companies make their money off the service charges and interest rates on your account, so try to make a deal that benefits you both mutually.

Next Comes the Hard Part

The money that you spent on purchases that has already been paid by the credit card company, called the principal, is the hardest aspect of your debt to negotiate over with credit card companies. They don’t want to have paid for something and not have you pay them back.

Getting your way with negotiations over the principal is not easy, so don’t feel bad if the credit card company refuses to budge. Even getting the company to adjust your interest rate or service charges is difficult. Remember that the credit card company’s goal is to get their money from you, not repossess your things.

Regardless of what agreement you reach with the credit card company, you need to be prepared to follow through with your end of the deal. If you fail to meet the terms of your settlement plan, you can expect the credit card company to take aggressive action to get their money, not a second chance.

Credit Card Debt Consolidation Loans – A Lower Interest Rate Can Save You Thousands

Posted by on May 9, 2010 No comments

asked:

Marie

Credit Card Debt Elimination & Settlement

Posted by on December 14, 2009 No comments

nodashdebtdotnet asked:

Get the free debt settlement course at www.No-Debt.net – OK – You’ve decided to settle your credit card debt and move on. Good choice! Because you have decided to negotiate with the credit card company, the calls will stop. All future contact will be by mail. Credit card debt elimination by settlement allows you to negotiate everything from your interest rate, to the balance you need to pay to your monthly payment and ultimately you will negotiate what will go on your credit file.

Kevon

Avoid Credit Card Debt Settlement Failure

Posted by on October 14, 2009 No comments

creditcarddebthelp09 asked:

thedebtrelief.net |? Many people become tremendously fed up with their credit card debt due to their failure to meet the increasing interest rate and debt balance to settle. Solve Your Credit Card Debt Problem http

Antonio

credit card debt, debt management, credit card financing