Call Your Creditors to Lower Interest Rate

MaryMary · 03-09-2007

Don't be afraid to call your creditors and ask them to lower your interest rate. Many will without a fight but most of the time you will have to ask to talk with their supervisor and then ask for their supervisor. Just don't give up! Keep asking. If they continue to tell you no, ask them why and then work to correct the problem and call them back.

Scott Bilker wrote a great book about it called Talk Your Way out of Credit Card Debt

It is a great read for anyone struggling with calling their creditors.

MaryMary · 03-09-2007

I forgot to mention that I borrowed the book from my local library, so it didn't even cost me a penny. You've gotta love that.

**louj** · 03-15-2007

I agree, you don't have to treat your creditors as if they are after to kill you.

Just be courteous in explaining your part and try to do what you promised them you would do. You should earn their trust, a person with integrity can really make it in the business world.
I'll go and find that book, might as well try it out.

**onlineexperts** · 03-19-2007

Thank you for the tip. I know others should definitely learn from this post. It is quite an arduous task for some to talk to their creditors because they don't usually think that they are still the company's client. We are their client and we should realize that it is our right to ask for a better service, say for example, a lower interest rate.

KHyuga · 03-22-2007

Thanks for the information. I didn't know that you could actually get your interest rate lowered this way, but when you come to think of it, it does make sense.
After all, these companies are already charging exhorbitant rates to being with. It won't hurt them too much if they were to just lower interest rates on a case by case basis.

**rant** · 03-22-2007

Who else could have your interest rates lowered but yourself. You should definitely try it out as you won't lose anything and you might even have your rates lowered to more than your satisfaction.

chandni_aqua · 03-23-2007

hey thanks for the information.. i never knew that one can actually call up the creditor and get the rates lowered..thanks once again

dasha101 · 03-25-2007

I thought only financing companies, not credit card companies, offered this kind of arrangement. I never knew anything about this. I thought creditors have really fixed interest rates and this can't be changed. I am really getting a lot of useful information here. By the way, does this apply to banks also?

Scouser · 03-27-2007

Quote:

Originally Posted by dasha101

I thought only financing companies, not credit card companies, offered this kind of arrangement. I never knew anything about this. I thought creditors have really fixed interest rates and this can't be changed. I am really getting a lot of useful information here. By the way, does this apply to banks also?

I think this would depend on what form of financing or financial product/service you are talking about here.

laker110 · 05-26-2007

Hey!! thats quite interesting. I thought only the finicial companies offered this scheme but its good to hear that. Thanks for the useful tip.

03-09-2007	#1 (permalink)
MaryMary Member Join Date: Mar 2007 Posts: 56 Rep Power: 2	Call Your Creditors to Lower Interest Rate Don't be afraid to call your creditors and ask them to lower your interest rate. Many will without a fight but most of the time you will have to ask to talk with their supervisor and then ask for their supervisor. Just don't give up! Keep asking. If they continue to tell you no, ask them why and then work to correct the problem and call them back. Scott Bilker wrote a great book about it called Talk Your Way out of Credit Card Debt It is a great read for anyone struggling with calling their creditors.

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03-09-2007	#2 (permalink)
MaryMary Member Join Date: Mar 2007 Posts: 56 Rep Power: 2	I forgot to mention that I borrowed the book from my local library, so it didn't even cost me a penny. You've gotta love that.

03-15-2007	#3 (permalink)
louj Banned Join Date: Mar 2007 Posts: 139 Rep Power: 0	I agree, you don't have to treat your creditors as if they are after to kill you. Just be courteous in explaining your part and try to do what you promised them you would do. You should earn their trust, a person with integrity can really make it in the business world. I'll go and find that book, might as well try it out.

03-19-2007	#4 (permalink)
onlineexperts Banned Join Date: Mar 2007 Posts: 111 Rep Power: 0	Thank you for the tip. I know others should definitely learn from this post. It is quite an arduous task for some to talk to their creditors because they don't usually think that they are still the company's client. We are their client and we should realize that it is our right to ask for a better service, say for example, a lower interest rate.

03-22-2007	#5 (permalink)
KHyuga Member Join Date: Mar 2007 Posts: 58 Rep Power: 2	Thanks for the information. I didn't know that you could actually get your interest rate lowered this way, but when you come to think of it, it does make sense. After all, these companies are already charging exhorbitant rates to being with. It won't hurt them too much if they were to just lower interest rates on a case by case basis.

03-22-2007	#6 (permalink)
rant Banned Join Date: Mar 2007 Posts: 106 Rep Power: 0	Who else could have your interest rates lowered but yourself. You should definitely try it out as you won't lose anything and you might even have your rates lowered to more than your satisfaction.

03-23-2007	#7 (permalink)
chandni_aqua Senior Member Join Date: Mar 2007 Posts: 121 Rep Power: 2	hey thanks for the information.. i never knew that one can actually call up the creditor and get the rates lowered..thanks once again

03-25-2007	#8 (permalink)
dasha101 Senior Member Join Date: Feb 2007 Posts: 184 Rep Power: 2	I thought only financing companies, not credit card companies, offered this kind of arrangement. I never knew anything about this. I thought creditors have really fixed interest rates and this can't be changed. I am really getting a lot of useful information here. By the way, does this apply to banks also?

05-26-2007	#10 (permalink)
laker110 Senior Member Join Date: May 2007 Posts: 110 Rep Power: 2	Hey!! thats quite interesting. I thought only the finicial companies offered this scheme but its good to hear that. Thanks for the useful tip.

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