Unexpected events can happen in your life which prevents you from paying off your credit card bill on time. When this happens, you should take the chance to talk with your credit card company and bargain with them for a lower interest rate that meet your budget. Many credit card companies are understanding towards the situations of their customers. If you do nothing, you are going to default on your credit card which will result in your account being sent to the debt collection company.
The bank won’t get back much by sending your account to the debt collection company. So, they are likely to agree for a lower interest rate if you tell them that you can’t pay the present interest rate due to your financial circumstances.
First of all, you must do some calculation by deducting your monthly expenses from your monthly income. After some calculation, you will be able to find out what interest rate you can afford. You should write down this interest rate which you are going to negotiate with the credit card company on a piece of paper so that you won’t forget it.
The next step is to call the credit card company and negotiate with them. You should ask for the supervisor when you have call through to the credit card company. When negotiating with the credit card company, you must be honest about the financial circumstances that you are facing. You must let them know of your intention of making repayment on the credit card bill promptly. In the meantime, you also can’t avoid your other financial obligations. You must let them know that it is likely that you are going to be miss the payment unless they agree to reduce the interest rate to th level that you are bargaining.
The credit card company will ask you what interest rate you need in order to be relieved from your difficult financial circumstances. When they ask you about your preferred interest rate, make sure you let them know the rate that you have in mind. The credit card company will conduct some investigations to see if you are really in a financial hardship as well as the risk assessment before releasing a new rate. If they lower the rate lesser than what you ask, you should ask them to lower more. You should keep going back and forth with the credit card company until they offer you the interest rate that you want.
After you get the rate you want, make sure you promptly make the repayment every month. You should also give the credit card company a call every 3 months or so to let them know how is your financial circumstances.
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