 Can you ask to have your APR reduced on your credit card ? |
If your payments are always on time and never late, will a credit card company reduce your APR ?
Additional Details
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Jessica Rabbitt | How good are Debt management companies? |
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ken_voss12345
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It depends on how bad you are now.
Consolidating means creating a whole new loan for a longer period of time. This would hopefully lower your payments enough so you can get back on track, in this case it might SAVE your credit score.
A credit counselor will give you some tools and suggestions for reducing your payments, just keep an eye on what the % are, you want it to be lower than what you pay now.
However, debt consolidation can be nothing more than a way of putting off the evitable. It really does little to correct the problem. That's why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.
More here: http://finance.ebookorama.com |
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worto03
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not good your better off checking out places like this for decent advice
http://forums.moneysavingexpert.com/index.html? |
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Kevin C
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Not good at all. They are there to make a profit, and some of them are shady, take your money and don't use it to pay your debt down.
If you really want to know how to get rid of your debt, it's easy. Say you have 10 credit cards and you're making a little more than minimum payments on all of them. Take your card with the highest interest rate, pay the highest you can towards that one each month until it's eliminated....and pay minimum on the rest. Then after that one is paid off, take the next one with the highest interest rate, pay the most you can toward that one, minimum on the others, and so on. You'll have all your credit cards paid off very quickly if you follow that approach.
If you're stuck with a high-interest vehicle loan, check around and see if you can refinance it for a lower interest rate to free up some cash to pay off the credit cards.
But again, stay away from debt management companies. |
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Amy S
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If you need to use on yourself try Payplan. Unlike most debt mamangement companies they don't charge for there services and receive funding for the work they do from the creditors themselves.
www.payplan.com |
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Silver Fox
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Three words for you: No Free Lunch. |
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Jack @
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yeah no good |
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Unique
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Manage your debt. Debt management companies will put you into more debt. |
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rainy-h
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The Consumer Credit Counselling service are a charity that offer free debt management, exactly the same as the money-grabbing debt management companies but FREE! Contact them if you need any help
http://www.cccs.co.uk/ |
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sandra s
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Go to the CCCS (Consumer Credit Counselling Sevice) At least they don't take a percentage of your money and have credibility with Finance companies |
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SunnyDays
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They are a way of managing your debt by keeping you in debt for much longer. If you read the small print on their adverts, you will see that they extend the periods of your debts, thus reducing the amounts you pay, but this will still appear as a negative find on a credit reference check....it works like this, you owe say £100 to company A, you are menat to pay it at £25.00 per month, you can't afford it, debt management comes in, speak to the company and asks that you reduce the payment to £12.50, but then it takes you twice as long to pay it back, plus there could also be interest charges. The debt management do this for you for a fee, it 's business, not a free service...think very carefully, often the best way is to bite the bullet and work extra jobs to pay the original debt off correctly |
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alismudge
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Try ans sort your debt out your way first by writing to the companies or agencies you owe debt to. Debt companies just write to your lenders advising they are in charge of making payments and pay them bit by bit and charge you a fee for doing this each month. so even though they bring the debt to you down. you pay over a longer period and have a debt with them???. do it yourself and save some pennies |
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Steven L
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Your better to go to an independant financial advisor or your bank manager first. |
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Pington
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Debt Management CHARITIES are fantastic - they work for free and offer independant impartial advice. They can take over management of your debts, negotiate on your behalf with all your creditors, negotiate minimum payments (can be as little as 5% of usual monthly payments) and will usually get all interest and charges stopped - they also work out a livable budget for you.
They are definitely worth talking to in the first instance -The CCCS for example are a national charity, they wont charge you for advice and they can go through your debts and recommend a solution, and will impliment it for you, if you dont feel able to speak to your creditors yourself
<a friend of mine who is £49,000 in debt across 14 different creditors has handed everything over to them, they have renegotiated payments reducing them from nearly £2,000 per month down to under £700 - all interest and charges have been stopped and they will be debt free in under 6yrs - meanwhile they have a reasonable amount of money to live on..... |
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dishmal
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For a lawyer's point of view on this check http://www.creditinfocenter.com/.
Be weary of charity ones as well however. Most will ask for a 'donation' for their service in the way of TELLING you to donate versus asking. |
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lizarddd
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Dont go near them, the only companies you should consider are the ones that can help you for free
Payplan
CCCS
CAB |
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paeradio
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Take a look at a book called, "Evil Money Evil Credit". Is has additional information which should be able to help ya out. There is a blog called, "How To Get Good Credit Gab" at
www. HowToGetGoodCredit.blogspot. com
You can do it yourself!!!! |
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thegodfather
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I've heard nothing good about them and in some case they even make the client worse off than before.
I would be very sceptical of claims that they can cancel debts - only the original creditor can do that.
Also, think VERY carefully about debt consolidation loans if you've been offered one. They generally take an unsecured loan (e.g. credit card debt) and cancel that debt with the proceeds of a new loan SECURED against your home. This means that if you default on the debt consolidation loan you may lose your home!
I can't stress strongly enough that you you consider in the first instance approaching a state-sponsored charity who offer this service free of charge. |
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andrewp_gmg
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No bloody good! |
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nooka
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Try your local Citizens Advice Bureau first. They offer free advice and will give you details of reputable companies to use if necessary. Wouldn't go to a debt management co unless you are desperate. |
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scallywag
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Stay away from them if you can! You can get the same service completely free of charge from the citizens advice bureau, consumer credit counselling service or the national debt line. They also have self help packs on their websites that you can use - also free of charge.
All the best. |
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