Feb 11
i recently purchased a street bike for my fiance, but i had to take out two more lines of credit to finance it.(worse mistake of my life) because one card has 24% interest and the other has 22% and both cards are around $7000.00 – $8000.00. we pay extra every month but it doesn’t even make a dent.HELP!!! do I just call the creditors and ask them to lower the interest? does it even work that way? the creditors are HSBC and GE Money Bank.
Sell the bike, take a loss and learn a lesson. A $8,000 bike will end up costing you $15,000 with those rates
It doesn’t work that way. Sell the bike and pay off the debts.
If you’ve kept the accounts in good standing (never pay late, never go over your limit, etc) then there is a chance that they’ll lower your rate if you call. Good luck with HSBC. I will never do business with them again. They treated my husband and I like trash when we called to find out about their procedure to allow us to ship our car to Germany for our PCS move with the Army. It took me nearly 3 months to finally get a CSR to give me a straight answer on what they needed from us to allow us to ship the car. I finally got so frustrated that I used a balance transfer check from my credit card and paid the car loan in full. Come to find out, I could have made the request to ship our car through HSBC’s website. Too bad for them they lost all that money my interest would have made them by jerking me around. I know, now I have a monsterously high credit card bill, but it keeps me super motivated to get it paid off faster than I would have with the car loan. And the balance transfer rate was nearly 7% lower than the car loan (went from 9.9% to 2.9%) I’ve been a good customer for 15 years for that credit card and they treat me with dignity and respect.
Yes, you can. They will only lower the interest rate if you have a good history of paying on time. However, if that doesn’t work you can tell them that you are having some economic hardship and they can put you on a program for a year or 6 months and you will not accrue any fees during this time. And they may suspend your account during this time…which is a good think if you’re looking to lower the balance.
Keep trying, it might not work the first one or two times, but it does happen if you speak to the right person. Always ask to speak to a manager. And if that manager says no, there is always another one that will introduce you to a program. Don’t take no for an answer.