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05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
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Debt diet...
Oprahs debt diet..
I didnt really see too much on it...
But a few girls and I were talking at work...as some of you who know from my last weeks thread..DH and I are planning on paying off our $$$ debt with our tax return...
Apparently part of this Oprahs debt diet was, calling these CC and telling them... Im having financial difficulties and want to pay off my balance... what can you do for me? And supposedly- you are not to take no for an answer, just keeping speaking to everyones supervisor until you hear an answer you like....
Apparently- you make it a point to say your keeping the act open... and Im guessing the way it works is the lower the interest rate... hence making you owe less money...
Anyone know anything about what Im talking about?? Do people really do this? Is this possible? How do I go about it? TIA
The 1st video in this link.. explains what Im talking about a little better...
Message edited 4/7/2006 9:29:38 PM.
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Posted 4/7/06 9:29 PM  |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: Debt diet...
Lemme tell you, if you dont take NO for an answer in MOST places you will get what you want! I work in Customer service and these people will ask to speak to the HEAD of a company, curse that person out and GET what they want.
I would SO DO IT
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| Posted 4/7/06 9:33 PM |
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05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
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Re: Debt diet...
Posted by dm24angel
Lemme tell you, if you dont take NO for an answer in MOST places you will get what you want! I work in Customer service and these people will ask to speak to the HEAD of a company, curse that person out and GET what they want.
I would SO DO IT
I just dont get what Im saying... is it that Im demanding a lower interest rate?
Or am I paying lets make a deal.. I owe 5k but offer 3500... I just dont get it...
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| Posted 4/7/06 9:35 PM |
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pmpkn087
Life is good...
Member since 9/05 18504 total posts
Name:
Stephanie
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Re: Debt diet...
no, you are demanding a lower interest rate.
This is for people that want to pay off their debt but can't do it in one lump sum.
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| Posted 4/7/06 9:37 PM |
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05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
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Re: Debt diet...
Posted by pmpkn087
no, you are demanding a lower interest rate.
This is for people that want to pay off their debt but can't do it in one lump sum.
But see Im am doing it in one lump sum...
Wouldnt lowering the interest rate make my total amount due go down... period?
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| Posted 4/7/06 9:39 PM |
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meghanmetz
LIF Adolescent
Member since 5/05 525 total posts
Name:
Meghan
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Re: Debt diet...
Posted by Princessmaris
Posted by pmpkn087
no, you are demanding a lower interest rate.
This is for people that want to pay off their debt but can't do it in one lump sum.
But see Im am doing it in one lump sum...
Wouldnt lowering the interest rate make my total amount due go down... period?
They wouldnt lower it for interest that has all ready been incurred since you're all ready on the line for that regardless. They will lower it for interest rates (forward looking) since they realize there are literally thousands of offers out there where you can transfer your balance.
Message edited 4/7/2006 9:44:09 PM.
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| Posted 4/7/06 9:43 PM |
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pmpkn087
Life is good...
Member since 9/05 18504 total posts
Name:
Stephanie
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Re: Debt diet...
Posted by Princessmaris
Posted by pmpkn087
no, you are demanding a lower interest rate.
This is for people that want to pay off their debt but can't do it in one lump sum.
But see Im am doing it in one lump sum...
Wouldnt lowering the interest rate make my total amount due go down... period?
no. Lowering your interest rate will just make what you owe in the future less....
let me put it this way. What you already owe will stay the same. But, let's say they change it from 18% to 10% They will change it so that going forward you will be charged 10% interest instead of 18%
So, if you have $1,000 and you don't pay that, at 18%, you would owe 1,180 but at 10% you would owe 1,100. So, you are saving $80. so, instead of paying 180 (or more) in interest charges each month, you would pay $100.
does that make sense. and, i hope i did my math right.
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| Posted 4/7/06 9:46 PM |
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KPsquared
Member since 5/05 4663 total posts
Name:
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Re: Debt diet...
I watch the debt diet as well. She said to call and not take no for an answer with lowering your interest rate. Some people have 30% IR and have no idea. The smart thing to do is transfer it all over to a 0% interest card and pay it off within the time frame that is is 0% interest. But since you are paying it all off it won't matter. Only if you accumulate more debt will the IR matter.
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| Posted 4/7/06 9:46 PM |
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05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
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Re: Debt diet...
Ok- I didnt really watch the episode... and just caught some of the convo at work...
Thanks as always girls 
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| Posted 4/7/06 9:56 PM |
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