by First Rate Debt Solutions
12. October 2009 10:32
Almost everywhere I turn, I find an article of editorial chronicling the mounting dissatisfaction that consumers have with their credit card companies. And for good reason. Card issuers have slapped more than half of Americans with higher interest rates, unexpected fees, lowered borrowing limits, and higher late payment fees. And if you haven't been hit yet, your time may be coming soon.
More and more consumers are trying to fight back by switching to other cards or negotiating their rates. But for some, getting a new card is becoming increasingly difficult and the higher interest rates are making it almost impossible to pay off their balances. If you pay your cards off every month, you can probably apply for a new card and transfer your balance without too much trouble. Remember--you are the customer! If you are one of the 46% who carry a balance though, that solution may not be so simple--especially if your cards are maxed out and you are using them to meet your monthly expenses. If that is the case, you need to address your situation right away before those fees force you into a bad situation financially.
A growing number of Americans are carrying high balances on their cards just to make ends meet and aren't sure when (if ever) they will be able to pay them off. These high balances are hard to make the minimum payments but as card issuers jack the minimum payments from 2% to 5% and the interest rates from 11%-14% up to as high as 27%-30%, that can literally push these people to the brink of bankruptcy.
If you find yourself in this situation, contact your credit card company immediately and try to negotiate a lower rate. If that doesn't work, it may be time to turn to the experts. The sooner you address the problem, the better chance you have of success.
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