What are some common ways to get credit card relief? There are basically five methods. If your credit is still good, you can call your card company and tell them that you want a lower rate. If they don’t respond positively, you might threaten to take your business to another card provider. If you still don’t have any success, just hang up and try again later. You will most likely get a different customer service representative to deal with, and you may get a different response. If that doesn’t work, its time for option two.You can get a new card and do a balance transfer, lowering your rate. Sometimes you can do this with a card that you already have. I strongly suggest phoning the company that holds the card that you intend to transferring your balance to. Sometimes they have special deals available on the transfers. Also the rate, terms, and fees may be different depending on whether you do this directly over the phone, or the internet, or use a do-it-yourself program, by making use of convenience checks. Both convenience checks and balance transfer offers often have fees as well as interest, so compare programs carefully. Watch out for 0 interest offers that turn into high interest rates if they are not paid off in a short amount of time. For those who are already late on payments, you can also call your credit card company and see if you can negotiate a lower rate and payments. In this case you are not threatening to take your business elsewhere. They probably know that because of your late payments, you don’t have that option. In this case, you are trying to work out something that will be mutually advantageous. They know you can’t make the full payments, but they would like something. They may lower your rate and your payments, sometimes on a temporary basis. OTHER TYPES OF DEBT RELIEF Not excited about speaking with your creditors? There are still forms of debt relief open to you.If you are uncomfortable dealing directly with your creditors, you can hire some one to do it for you. There are people who work on an hourly basis, and there are companies that work for percentages, and ones that work on flat fees. Perhaps your problems are serious and you owe a lot of money to a whole lot of different creditors. In that case you should consider a debt consolidation program before you consider bankruptcy. A debt consolidation program does not stay on your credit card report for as long as a bankruptcy does. With a debt consolidation program, you are essentially hiring a third party to negotiate lowering payments,interest rates, and total to be repaid to each creditor. Companies in this business accept one payment from you and split it up each month amongst your creditors, keeping a fraction of your payment for their own efforts. It is essential that you check out the company that you select carefully, as there are very wide differences in how the best and worst companies will perform for you.
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