June 2016

Why not just close the card? You can close cards with balances. And as for working with the card company don’t work with just the regular customer service ask for the department that deals with the interst rates. The name is escaping me right now. But keep asking for the next person in line. Be forceful, don’t take the first answer. Tell them you will be taking the card to a credit counselor. What people don’t know is you don’t have to close all of your cards to work with a credit counselor. I go to one. I gave them all the high interest rate cards. And kept all the lower interest rate cards. The credit counselor was also able to negotiate lower interest rates.

But what you need to remember is that now ALL of your credit cards can raise your interest rate based on the reporting of the other companines. I had two cards from the same company, I was late on one, and they raised the interest on both. It was an easy fix though I just called the one that I was never late on they reduced the rate back.