There’s a great saying, that will take you far in the world of debt management, “It doesn’t hurt to ask.” Indeed, when it comes to credit card debt, credit card late payment fees, and credit card interest rates, you might be surprised what your credit card company will give you if you merely ask. A new survey shows that a significant percent of people who ask their credit card companies for a lower interest rate or a lower fee will get their requests approved.
Amazingly, in a recent survey by a major credit card news reporting agency, eight in 10 people said that when they called their credit card company for a decrease in their annual fees, late charges and other costs got what they asked for. The survey compiled information from questionnaires given to 900-plus credit card holders.
As for success rates, 87 percent of the surveyed participants got a late fee waived. Eighty-two percent got annual fees reduced or dropped. Sixty-nine percent got their interest rates reduced.
That said, only about 50 percent of the credit card holders in the survey requested such a decrease in fees. That means that a lot of money has been left on the table for many credit card holders. If you’ve been hit with multiple $25, fees for example, or if you didn’t take advantage of a 1 percentage point decrease in annual interest rates, you might have lost out on a lot of money you didn’t need to let go of.
Unfortunately, numerous King County residents are suffocating under terrible debt that they can’t seem to pay off. If you’re currently in the throes of a debt problem, reaching out to a local bankruptcy lawyer is a great way to get your debt situation under control.
Source: CNBC, “Asking credit card companies to lower rates and fees works 80% of the time,” Tom Anderson, March 27, 2017