Let us get one thing straight- A fixed rate
credit card does not mean that interest rates charged on the card will
remain fixed forever. Rather, the rate is fixed to an index. Once the
index changes, the rate will also change. The duration and pattern of
change varies as compared to variable interest rate cards. If you are
planning to switch to a fixed rate credit card to ensure your interest
payments remains stable, chances are high that you will still not
succeed.
Whether you should switch to such a card or not depends
on the seriousness of the problem. If interest payments are beginning
to pinch but you feel that you can manage things better if the interest
rate fixed, then you should think of a switch. On the other hand, if
you’re finding it difficult to repay your debts on time or if you’re
finding it difficult to make ends meet, then a fixed rate will not make
any difference. You will continue to face problems irrespective of
whether the interest rate is fixed or variable.
If you’re facing
serious financial problems, then you should opt for better and more
useful remedies. The best option available today is debt settlement.
This will result in an immediate reduction of your debt by more than
fifty percent. If you have approached your credit card issuer for
changing the rate from a variable to a fixed rate, chances are high
that your may be offered alternative solutions. This is because credit
card issuers are keen to getting rid of problematic borrowers. They
have suffered numerous instances of borrowers declaring bankruptcy.
They are no longer interested in the uncertainty that results from such
dealings.
Unless you are just beginning to face problems on you
credit card debt, there’s very little to be gained by switching to a
fixed rate cut. If you want a long term solution, you will have to look
at other alternatives. You can make use of the World Wide Web to check
out details of various options and alternatives. The best thing about
using the web is that most resources are available for free.
If
you are over $10
,000 in unsecured debt it would be wise to utilize a
debt relief network instead of going directly to a debt settlement
company. Using a debt relief network guarantees that the debt
settlement company you choose has been certified and has established
success in negotiating settlements. They are free to use and a good
starting point to begin your debt relief process.
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