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Mill188
LIF Adult
Member since 3/09 3072 total posts
Name:
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Credit card interest rates
A friend is considering going the "debt settlement" route. I told her that I heard it's not a good thing to do and she'd be better off negotiating with the credit card companies herself to get the payments lowered. Has anyone had success doing this? She said her credit score is in the 650 range and she's sometimes runs a few days late with her payments but never a full month late. TIA
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Posted 7/10/13 7:53 PM  |
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Credit card interest rates
she doesn't sound like a candidate for it, honestly...
her score isn't that bad..and a few days late is not major
I agree with you...........try to work something out with the credit company first
do you mean debt consolidation? credit counseling? I know someone who has done it twice.......the payments are still high, though and their credit took a hit
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| Posted 7/10/13 7:59 PM |
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Mill188
LIF Adult
Member since 3/09 3072 total posts
Name:
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Re: Credit card interest rates
Yeah she said she keeps seeing all the commercials on TV for debt settlement companies. I don't have any experience with it though I just remember hearing that it should be the last resort. She said she needs help because she can barely manage the monthly payments. She's doing it but just barely.
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| Posted 7/10/13 9:05 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Credit card interest rates
Can she transfer her balances to another card for a lower rate? Obviously she'd have to be sure the rate reduction is worth the balance transfer fees, but it would be worth a shot.
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| Posted 7/11/13 12:40 PM |
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Mill188
LIF Adult
Member since 3/09 3072 total posts
Name:
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Re: Credit card interest rates
Posted by Pumpkin1
Can she transfer her balances to another card for a lower rate? Obviously she'd have to be sure the rate reduction is worth the balance transfer fees, but it would be worth a shot.
Good idea - I'll suggest this.
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| Posted 7/11/13 1:40 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Credit card interest rates
Posted by Mill188
Posted by Pumpkin1
Can she transfer her balances to another card for a lower rate? Obviously she'd have to be sure the rate reduction is worth the balance transfer fees, but it would be worth a shot.
Good idea - I'll suggest this.
If her credit score is in the 650 range it is unlikely she's going to get any 0 balance transfer or low interest offers.. usually those offers are for those with higher end credit scores.
I think consumer reports did some research.. here's the link on dealing with c/c companies or settling, counseling, etc.. consumer reports
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| Posted 7/26/13 9:38 PM |
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Mill188
LIF Adult
Member since 3/09 3072 total posts
Name:
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Re: Credit card interest rates
Posted by Sassyz75
Posted by Mill188
Posted by Pumpkin1
Can she transfer her balances to another card for a lower rate? Obviously she'd have to be sure the rate reduction is worth the balance transfer fees, but it would be worth a shot.
Good idea - I'll suggest this.
If her credit score is in the 650 range it is unlikely she's going to get any 0 balance transfer or low interest offers.. usually those offers are for those with higher end credit scores.
I think consumer reports did some research.. here's the link on dealing with c/c companies or settling, counseling, etc.. consumer reports
Thanks, I've forwarded this on to her.
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| Posted 7/29/13 11:33 AM |
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