If I use a debt reduction company will it affect my apr?

Hi incster,

Welcome to the debt consolidation care forum. Firstly, let me tell, you should have been much more cautious in reading the company policies before applying for a credit card.

These credit card companies often tricks you with interesting offers and people tend to get trapped. You have to keep the negotiation going with these companies and request them to curtail your apr.

Build up their trust on you and enjoy a good rapport. Only then you can be a success. There are no other ways except requesting them. Feel free to take the help of a debt reduction company or a renowned attorney. On your behalf they too can negotiate with the company who has made you a victim. Your card with a 19,000 dollar balance with an apr of 4% will not get affected if you take the help of a debt reduction company.

All the best to you. :D

Regards,
Jason

They allow you to skip/postpone credit card payments until the next billing date. This helps me get my finances in order when money is tight. It gives you some breathing room when your spreading your money really thin.

Hi John,

We wish you a very Happy New Year 2005 and thanks for visiting our forum. We do appreciate your participation and look forward to more postings from you in this forum.

Regards,
Simon

John, I have replied to your thoughts , please co-operate and we won't entertain any spams.

Thanks
Vikas

[quote=incster]Hi,

I have credit card debt in the amount of $35,000. I pay on time every month and I try to pay more than the minimum payments due. However, one month by mistake, I was 32 days late on one of my cards. They reported me to a credit bureau and this caused my apr on another card to go from 9% to 26.5%. I've called several times and tried to renegotiate the apr back to 9% but they will not budge. I explained that I cannot make payments at 26.5% but they refuse to work with me. If I go to a debt reduction company, won't they just try to renegotiate the debt down for me? If I do it myself, do I need to wait and not make payment for a few months so they'll know I'm serious about not making payments? If I use a debt reduction company will this affect my apr of 4% on my card with $19,000 balance?

I can't get another card with a lower apr because of my high balances on my existing cards. My credit score is low due to the fact that I have high balances and the one late fee. I don't know what to do.

You are welcome to give any suggestions.

Thanks,

Incster[/quote]

these credit companies train their employees how to turn down requests for negotiation. they try to make you feel bad by saying you signed the agreement so tough luck. But once you get a 3rd party involved, things may go a little better for you. try getting a lawyer to negotiate for you.

Take your steps sensibly as a single unknowingly made mistake from your side will put you deep into trouble. Professional help will work at such times.

Roxette

Hi,

This is a valuable piece of advice from Roxette. I second his suggestion and feel this will work out well.

Well done Roxette. Keep up the good work. :D

Cheers,
Jason

Suggest writing a good will letter to the creditor you were late with:
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Let's see if the creditor agrees to the good will letter. In most cases, the result turns negative.

Roxette