Hi,

I am looking for help in negotiating w/ credit card companies to lower
the interest I am being charged for credit card debt down to
reasonable rates.  I know this is doable.  I am looking for guidance
in how to do this without damaging my credit record.

Thanks -

Todd

You may find this useful:
http://www.oprah.com/money/debtdiet/steps/debtdiet_steps_03_b.jhtml

 - artqs

Thank you artqs, the link is actually very helpful.  Thank you.

Todd

I was able to do so just by calling up and asking. In the past, I've
gotten lower rates for free (maybe losing access to a "points
program", but I don't care), or with a low annual fee (15$, 25$).
Definitely worth it. Then again, I'm in Canada. They might be a bit
more hard-nosed in the US. :)

Thanks richardmtl, not worrying about annual fees is a good idea.  Which banks?

Todd

Hi milliondollar,

Well, like I said, I'm in Canada so if you're in the States this might
not apply, but I;ve basically dealt with every major Canadian bank
over the years, and have been able to do the same with all of them.

Another money-saving tip: if you have a newspaper subscription or
Internet/cable service, call them and say you want to cancel because
it's too expensive/their competition is cheaper or offering a deal. I
consistently get 10%-50% off every time I do so. They usuually say
something like "Ok, you'll get a special discount for 6 months". When
the period is over and I get a bill at the original price, I call and
say "What the hell, why did the price go up? I want to cancel!". Works
like a charm every time. Note, though, that I don't give the poor
customer service rep a hard time, I just let him do his job (which,
above all, is customer retention). Have fun!

Also, it's helpful to pay more than the 'minimum amount due' each
month.  That way you will reduce your interests (amounts) paid over
time, and in the process earn you lower A.P.R.  Goodluck.

Do keep in mind that card deals which offer very low interest rates
are sometimes quite intolerant of late payments. One late payment may
jack up the rate. And the late fees are sometimes startling. This is
the voice of experience speaking. ;-)

I have set up my payments so that they are paid electronically from my
Citibank account, so they are never late.  However, I do pay the
minimum amount, not more.  At this time, I cannot pay more than the
minimum.

My credit score is 750, but I have a fair amount of revolving debt,
which prevents other banks from accepting balance rollovers from me.

I am looking for specific, focused advise.  If I tell the bank that I
cannot make any more payments unless they lower the APR, will I have
any chance of negotiating?

Thanks -

Todd