These rising interest rates are bad news for those of us hacking away at our credit card debt. A couple of years ago I thought I was safe because my cards had so-called “fixed interest” rates, not variable prime-plus rates most cards are infamous for. Surprise, surprise, when the rates really started to take off my credit cards sent me nice little notes with how much my “fixed” rate was going up. One went from a decent 9.89% to 15.90% and the other from 14.99% to 17.99%! Good Lord. Eventually I’ll be in the position to negotiate these down, but with my current balances they just laugh at me — they know I’m not getting any other offers. Debtors beware the rising rate! Check out the Debt Zapper Calculator at Credit Card Nation to compare what different rates will cost you, or see how fast you can pay down your debt.
Ouch. Interest Rates Keep Rising
May 22, 2006 by
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About David E. WeliverDavid Weliver founded MoneyUnder30.com at the age of 25 as he struggled to conquer post-college debt on entry level paychecks. Today, he works full-time publishing Money Under 30 to help other young professionals jump start their financial lives. You can find David on Google+ or LinkedIn.
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Great blog! I really enjoy seeing other bloggers and what they are doing to get out of debt. Welcome to a very supportive community!
I wouldn’t wait to push for a decrease in your interest rates. Simply call your creditor, explain that you get tons of offers for lower rate cards in the mail every week, and if they won’t drop your rate, you will surf the balance to another card, and they won’t see your money ever again. More often than not, they will decrease the rate. Good luck, and report back!