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Posted in Credit Cards
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Question By
Douggers

2 Contributions
6 People Helped
Who has asked creditor for lower rate or forgiveness, but haven't defaulted on payments first?
I cannot make progress and need help with a lower rate and/or some forgiveness. Everything I'm finding points to people who have defaulted on payments first--I don't want to default, I want help without making matters worse. Who can help me?

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2 Contributions
6 People Helped
Most Helpful Response

Good question

Helpful to 1 out of 1 people

(yes, I'm answering my own question)

A year later, after many calls and discussions with credit issuers, it is apparent than NO creditor wants to actively work with a debtor, to continue to make good on their liability obligations, and continue to receive interest income from me. They would not transfer my balance to their lower interest rate card, I would have to apply and qualify for a new/different credit card/product independently - nearly impossible with the existing ratios. Note - I do NOT have bad credit...I've never defaulted on ANY payment, even when I was unemployed, I just had high utilization.

SO, I was happy to take advantage of ANY lower rate I could find, and shift my ENTIRE balance for just that one card, away from that institution with the horses. I'm happy to hold their card and never use it again, as thanks for their willingness to help out a loyal 25-year client. I suggest you do the same...move balances to lower rates as you can, be diligent and vigiliant, watch out for the fees, ask questions, and pay attention to when the promo ends. In the last year since I first posted my question, I've reduced my debt by nearly $18K, and have not used credit since (I use my atm and pay in full). Trust that you can do this, I am!!

In retrospect, I should have made these calls much sooner...after hearing the only way they'd 

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