Brevard North Carolina Real Estate Blog: Help from your credit card company? Fat Chance!

Help from your credit card company? Fat Chance!

credit card companies

Today's economic climate has spawned a whole new batch of "financial experts", each of whom have a different take on how to survive during these tough times. One of their gems of wisdom is the suggestion that you call your credit card companies and talk to them about lowering your interest rate. DON'T DO IT!

I got a call yesterday from a client/friend with an unbelievable story that further hardens my feelings for credit card companies.  This guy is in the construction business and through no fault of his own, his income has been greatly reduced this year because of the downturn in building in this area. But, he's paying his bills, making sacrifices, and doing all the right things to keep current on all his payments. Yesterday, he called his credit card company to see if he could get his interest rate lowered from the 12.99% he was paying to something more in line with his other credit cards which are around 6%. His balance on this card was around $5,000 and he had a credit limit of $13,000 so his ratio wasn't too bad. He had never been late, he wasn't past due.

Well, guess what...after talking to the credit department at FIA (they took over Wachovia's credit card business recently), and explaining his situation, not only did they NOT lower his interest rate, they immediately cut his credit limit to $5,500 which instantly maxed out his credit card. That may end up affecting his credit score or his ability to get any other lending assistance and ultimately make his situation even worse.

Let me be very clear about this. These blood sucking credit card companies don't care about you, or me, or anyone else. If you think for a second that you can call them and get a little help.....forget it. Their only concern is their bottom line....not yours.

The next time you hear anyone suggest that you can "negotiate" your credit card rate....feel free to laugh out loud. The only people who can "negotiate" a credit card rate successfully are people who don't really need the credit in the first place.

 

 

 

 

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Comment balloon 0 commentsCarol Clay • July 25 2009 11:42AM

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