Many New Jersey consumers may not know that it is possible to get a credit card company to lower your interest, and in some cases, they may even work with you on a payment plan. There is a saying that it never hurts to ask, and that saying is true for the most part. There is no guarantee that a credit card company will do what a consumer wants them to, and there is no guarantee that a consumer may not decide that bankruptcy protection is the responsible choice to make.
However, the only way to know for sure is to try. Before contacting a credit card company about lowering an interest rate, consumers need to do their homework. Looking around to see what kinds of deals a consumer is able to get with another company may be used as incentive to get the company to keep a consumer's business.
A consumer also can't be afraid to ask for a supervisor. The representative you initially talk to may not have the authority to make the changes desired, so talking to a supervisor may be the best course of action. When talking to an authorized representative, supervisor or otherwise, being polite and pointing out how long a consumer has been with the company may help. Some companies will match other offers to keep customers or may have hardship programs for consumers that are having a difficult time paying their bills.
For those people who are drowning in debt and unable to work out a deal with their creditors, bankruptcy is still a viable option. When a consumer finds themselves trying to figure out how to pay a bill or buy groceries, it may be time to consider bankruptcy. The current state of the economy has left many New Jersey residents in just this predicament. Filing for bankruptcy protection can provide a consumer with a much needed fresh start.
Source: Deseret News, "Lowering credit rate, debt and stress: 6 tips for negotiating card rates," Amberlee Lovell, Dec. 3, 2012