I Have A Credit Card APR Of 29.99%! HELP!
The federal government has made several changes to the ways in which credit card companies do business. One of the more significant changes is that a credit card company must notify customers of a pending interest rate increase and give customers the chance to opt out of the increase. The problem with opting out of the increase is that you will also have to give up the use of your credit card.
Many people rely on their credit cards for business traveling and as a way to pay for services such as cellular phone or satellite television. The thought of not being able to use a credit card is not something that people want to consider. However, the rapid rise in credit card interest rates increases monthly payments and interest debt, which leads to more financial issues.
One of the options that you should explore if credit card interest rates get too high is debt relief. A qualified debt relief organization will help a consumer analyze his credit card debt situation, and make suggestions that can help to reduce the debt. There are several options available that a debt relief organization can use to help a client combat rising credit card interest rates.
– Use Cash Instead of Credit
One of the newest trends in consumer finance options is automatic checking account payments. Many companies that accept credit cards online will also allow consumers to make payments directly from their checking accounts. When you use cash, you are not increasing your credit card balance and you are not increasing your interest charges.
Another advantage to using cash more often is that you are not financing your purchases for years at high interest rates. When you use your credit card to pay for something and do not pay the balance off each month, you are adding interest on to that balance and allowing the interest to compound each month. When your credit card interest rates are high, this debt will start to add up. By using cash, you are avoiding this extension of your interest debt and getting your debt under control.
I know what you may be thinking…
“If I had enough cash to pay all my bills I would do that!”
“I have barely enough cash after paying rent and credit cards to afford gas and groceries.”
“A lower interest rate is not enough debt relief for my financial situation.”
A better way for you to get debt relief and actually have more cash in your pocket to afford gas and groceries is debt negotiation.
– Debt Negotiation
A debt negotiation organization is a professional financial debt service that can help you to lower your total outstanding debt and get your obligations under control. These are experienced financial experts that will negotiate payoff balances with your credit card companies, and get you monthly payments that you will be able to afford.
You can even pick the payment you want.
One of the primary advantages of debt negotiation is that it is not a loan. Your debt negotiation service will be able to get reductions on most of your existing credit card debt and then combine everything into one monthly payment for you. A consolidation loan is a process where you trade one interest rate for another. It is moving your debt from one account to a different account without really addressing the actual balances owed. We do not make consolidation loans and do not recommend them.
A debt negotiation process works with your existing accounts, and allows you to pay on those accounts gradually at a significantly reduced payment. You will not have to start a new financial obligation, such as a loan, in order to address these existing accounts. The debt negotiation company will show you how to develop a spending plan that does not involve high interest credit cards, while also helping you to address your debt at the same time.
We have years of experience in helping people to get out from under the oppressive weight of high interest credit card debt. We will sit down with you and develop a comprehensive picture of your debt situation. Our professional financial associates will explain the entire process to you and show you how we can get you out from under that high APR credit card debt.
If your credit card interest rates are getting too high, then you need to know that you do have debt relief options. We are a professional debt relief organization that can show you how to develop a sound spending plan and then help you to get your credit card debt under control. Call us today with no obligation for your free debt consolidation quote and let us show you how we have helped so many other consumers just like you get back on their feet and get out from under high credit card interest rates.