help needed on reducing interest rates

devona

Hi,ive been reading these boards for several months and have finally plucked up the courage to ask for help!!!. My debts are getting out of control and im seeeking advice,I will put a SOA up soon but firstly i would like to know if anyone can help me ,I want to ask my credit card companies if they would consider lowering my current APR but i really dont know the best way of doing this,should i call them or write? Im looking at all the options at the moment,I am currently adding up all my debts so i can post them on here.I really need some advice because these debts are scaring me!!!

CLAPTON

you would be better posting on the debt free wanabee board.

however, CC companies usually only reduce interest rates if you are not in difficulties and can go elsewhere... so dont say you are struggling.

but the SOA is the first real step to getting to grips with debt problems... work that out first .. full details of income, spending and the debt details (amounts, APRs and minimum monthly payments ) and post on the DFW board.

MissEyre

As Clapton says, you really need to get your SOA posted on the DFW board for full advice-with your credit cards, I had two and called Morgan Stanley first (17.9%) and went throught to their 'thinking of leaving' department, and had my interest rate reduced to 7.9% on the spot, and then HSBC (18.9%) and they reduced it to 15.9% just by asking. I will keep the MS one for emergencies, and close the HSBC shortly.

Mozette

Post an SOA on DFW - here's a link (I hope!) to the guide to doing a statement of affairs http://forums.moneysavingexpert.com/showthread.html?t=107280