Yo YO…check this out.
- U sitting all Alone, and Now you bitchin’ and MOanin
- Cuz Your Cards’ interest too high, and You wanna take out a Loan
- Sh$t, that was dumb, INstead listen to da Hustla
- Pick up da Phone..Dial 1-800-Back-of-Your-CC-Number
- la la da da da..la la…
Okay okay..that was my pathetic attempt at rapping. NO Kidding though, this post might save you hundreds and hundreds of dollars if you follow these Play-by-Play “hustles” for those with credit cards debt.
Don’t call your creditors right away. Take a few minutes to come up with your game plan. List out your net incomes and expenses. Getting your financial information in order on paper. NOW, Pull out all your credit cards. List all the amounts on your cards, fees for the past few months, current % APR, and others.
Now call the number behind your credit card. Talk politely and calmly. Explain to them, clearly and concise…”How are you?”..” Hello, My name is ____” “I’m calling today concern my credit card balance with you guys” “Unfortunately, I’m in a financial crisis and I want to work out a payment with you guys” “I’m experiencing financial hardship due to my recent…._________”
Again, come up with similar lines or “story” from above. Be assertive in your requests. Be prepared for the Hard Sell Don’t fall for the “Can you make a payment today to bring the account current” from the CSR. Make your stand and tell them you want a long term solution. Emphasize that you and your family are going through financial hardship.
Most likely, you will be transferred to a special department that deal with these types of problems. They will pepper you with questions about your financial information such as income and expenses. I don’t need to tell you that list out all your expenses and keep income low. You Do Not Need to Tell Them Who Your Employer Is. Period. Make that clear you are not willing to share, no matter how hard they try. If the CSR refuses to continue, escalate the conversation by asking to speak to his/her Manager.
Whether you are in a financial crisis or not, no-one should ever have to pay 30% APR in interest. Normally, ask them that you want a 48-60 month repayment program. They should offer you 6% APR or less. Of course, let them do the talking at this point. Let them offer you first. If they can give you for 9%, ask for 3% over the loan payment plan. Play hardball with them. This work for all Cards Issuers such as BOA, Citi, AmEx, etc. Have your pen and paper and calculate your monthly payment with their offer. If the payment is too high, again, ask for a lower interest rate. Remind them that you want to work with them, but they got to help you out. Otherwise, the alternative is not paying at all.
This step it the utmost important. ASK FOR THIS IN WRITING FOR THE AGREEMENT ON PAYMENT AND INTEREST RATE. Ask everything about the fine print, when will the first payment be, type of communication, etc.
Ask them if they can Re-Aging your account if your past payments are late. This will help out your credit report, because in do so, it will clear up those late payments after 6-12 payments are made.
Believe me, the issuers want to work with you. They do not want you to go into bankruptcy, because that would mean less money for them. They want some money rather than no money at all. Tell them you want to pay them first, but with the lowest interest rate only. You don’t need no credit agency to help you out. Deal with them directly. Take care of this today!
If you are successful with this after reading this post, please share you experience by commenting. Help others out so they can learn from it.
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