Doing it on my own without a DMP?

[Anonymous]

I am new here and have been reading old posts where replies indicated that a person could have done everything on their own that the DMPs do for you. I pay all credit cards (5) on time but only the minimum so, I am not decreasing the balance by much. How realistic is it for one to call and negotiate a lower interest rate on my own? Do they typically ask you to close the card? I haven't called because I want to be completely prepared. I have considered a consolidation loan but the rates are not much lower than the cc rates. Aside from asking for lower interest rate, what else do I need to do or what else does a DMP do for people that I can do on my own? Any thoughts on how to effectively do this with creditors? If they say no to lower interest, how long should I wait before asking again? What type of information or justification do I need to provide for asking? Thank you in advance.  

[sarge12]

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@Anonymous wrote:

I am new here and have been reading old posts where replies indicated that a person could have done everything on their own that the DMPs do for you. I pay all credit cards (5) on time but only the minimum so, I am not decreasing the balance by much. How realistic is it for one to call and negotiate a lower interest rate on my own? Do they typically ask you to close the card? I haven't called because I want to be completely prepared. I have considered a consolidation loan but the rates are not much lower than the cc rates. Aside from asking for lower interest rate, what else do I need to do or what else does a DMP do for people that I can do on my own? Any thoughts on how to effectively do this with creditors? If they say no to lower interest, how long should I wait before asking again? What type of information or justification do I need to provide for asking? Thank you in advance.  

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Interest rate decreases are fairly common and usually based on how you have handled the cards. In fact it is often requested and given just like CLI's are. Having said that, I have never personally requested an interest rate decrease, because I always PIF every card. The best thing you could do is try to get a card that has an 18 month 0% introductory rate on balance transfers. Now if you are having a hard time making payments, card issuers will often adjust the interest rates for a certain amount of time to prevent default, but they might suspend new charges on the card for that period. If it is just a generic interest rate request, you do not have to give a reason, but are less likely to get the requested reduction than if you are telling them you are having financial difficulty.

[Anonymous]

Thanks so much. That was a simple call getting those reduced. I simply said I was looking around for lower rates and they were able to lower. It's a start!

[CreditInspired]

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@Anonymous wrote:

Thanks so much. That was a simple call getting those reduced. I simply said I was looking around for lower rates and they were able to lower. It's a start!

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KUDOS to you. One step at a time 

[Anonymous]

Hey OP, I am going through this now if you have kept your payments, just call and ask for  the finace hardship deparment, they don't want to lose your business, specially if you have been a loyal customer tell them what is going on or what happened in your situation, they will work with you, maybe deferred payments, lower interest, lower payments, just let them know what your situation is and they will more than likely work with you, moving payements, maybe even a loan through them with a lot less interest rate or balance transfer.  At very end look for consolidation loans lots of banks an Unions will offer them, depending on circumstances.