In today’s sputtering economy an unprecedented amount of people are struggling to keep up with their bills. Unfortunately, many are in insurmountable debt and can’t avoid filing chapter 7 or chapter 13. However, with reliable and current bankruptcy information, it’s possible to get a handle on your debt and avert the risk of having to file chapter 7 or chapter 13. It’s also imperative that the bankruptcy information you rely on can be applied to your situation. What follows is some general information about how to avoid chapter 7 and chapter 13. Please note that this general information is not tailored to any individual’s particular situation, and if you need specific personal bankruptcy information or business bankruptcy information, you're best advised to seek the advice of a legal or financial professional.
More Bankruptcy Information
When it comes to bankruptcy information about chapter 7, the most important information is that chapter 7 bankruptcy entails the court-supervised liquidation of your assets. Once the court has liquidated your assets in a chapter 7 bankruptcy, it oversees the chapter 7 repayment of your creditors. A chapter 7 applies to debtors whose debts are largely unsecured and whose income is below that of the state median. If you’re in the situation that your unsecured debts have become unmanageable, a way of avoiding a chapter 7 could be applying for debt settlement. This alternative to chapter 7 bankruptcy means that you negotiate a debt reduction with your debtors and agree to repay what remains of your debt in a monthly repayment plan. As an alternative to chapter 7, this process usually works well for those with credit card debt and unpaid medical bills.
Bankruptcy Types
General bankruptcy information about chapter 13 informs us that chapter 13 bankruptcy is a legal procedure that allows a debtor who has sufficient disposable income each month, to restructure his debts and assets in order to repay his creditors over time. Chapter 13 applies to debtors with an income that is above the state median and who possess a valuable asset like a home or a car. You can get bankruptcy information about how to file a chapter 13 online at the US Government’s website, but you are best advised to consult with a chapter 13 bankruptcy lawyer about this process.
However, there are a number of debt relief alternatives to a chapter 13 bankruptcy. Possible alternatives to a chapter 13 bankruptcy could be loan consolidation or loan restructuring. No matter whether you consult with a credit counseling agency or a legal expert for bankruptcy information, always make sure you have investigated your alternatives before filing chapter 13 bankruptcy.
About the Author
The writer of this article has made his mark by writing on legal issues especially on Filing Bankruptcy procedures in different states. The author regularly writes on bankruptcy related issues like Ohio bankruptcy, Filing Bankruptcy In Ohio, chapter 13 bankruptcy and chapter 7 bankruptcy, etc.
Tuesday, January 4, 2011
Monday, December 27, 2010
Tax Tips Giveaway 2011
The folks at H&R Block have provided me with 5 online codes, each of which can be redeemed for H&R Block At Home Premium Federal Online Tax Preparation (a $50 value), to give away to lucky blog readers. H&R Block At Home was formerly known as TaxCut. This giveaway is for an (Tax Year 2010) online version of H&R Block At Home. While federal tax preparation is included in the prize, state returns are not included ($34.95 extra cost). For the purposes of preparing federal tax returns, this online software should be adequate for nearly all taxpayers to complete their own taxes. Although the software includes free federal e-file, you may have to pay extra if you want to also efile a state return.
I have decided to hold a random drawing each week (awarding one code per week) for 5 weeks for the software codes. The first drawing will be on January 14, 2011 and continue weekly until February 11, 2011. In order to enter:
1) Any reader can post a comment below describing your best tax or money saving tip.
2) For an additional entry, web site owners can link to this post, to let other know about this contest.
3) Lastly, my fellow bloggers can add PFStock to your blogroll (must be accessible from blog's main page) for one more entry in the drawing.
You can enter up to three times using the the form below:
If the entry form doesn't show up click here to go to the entry form directly.
Note that this drawing is for an online version of the H&R Block At Home Software that requires Internet access. If you do not feel comfortable with using the Internet to prepare your taxes, I would suggest purchasing H&R Block At Home 2010
on CD-ROM. Unfortunately, I don't have any CD-ROM versions of the software to give away but it is available in many stores such as Amazon.com
.The drawing is limited to US residents. Visit H&R Block for details about the online software. Winner will be randomly picked from among the qualified entries received by February 11. Winners will receive an online key code by Email to access the H&R Block website. The "key code" works like a gift certificate and is used on the payment screen before your taxes can be filed. In order to prepare taxes online with H&R Block, you will be required to create an account on their website. Good luck to everyone who enters!
DC
This promotion is held in conjunction with pfstock.blogspot.com.
Note: H&R Block At Home provides tax preparation software. It is up to the individual winners to determine the suitability of this software for their tax situation. PF Stock does not provide tax advice or technical assistance. Contact H&R Block Customer Support for help with their tax preparation software. Opinions expressed here are those of PF Stock.
Friday, December 10, 2010
Guest Post: The Art of War Applied to Personal Finance
Sun Tzu’s "The Art of War" has been referred to by military generals the world over for hundreds of years in order for them to plan and execute successful strategies in the face of the unpredictability that is battle. However, "The Art of War" can be successfully applied to non-military situations which are still equally treacherous, such as personal finance.
Approaching your personal finances with some of the principles from Sun Tzu’s work can help you wrestle back control over money and debts, understand how best to use your financial products and plan for stable financial future.
If you only know yourself, but not your opponent, you may win or may lose.
If you know neither yourself nor your enemy, you will always endanger yourself.
If you know both yourself and your enemy, you can win a hundred battles without a single loss.
One of the most recognisable passages from "The Art of War" you can apply its message to your personal finances in a number of ways. First you will need to make sure you know your opponent and in the case of your personal finances the one standing in the way of your victory, the one who wants you to fail is the inherent weakness in your life or your attitude which always trips up your best laid financial plans. Identify your weaknesses and once you know and accept them you will be able to conquer them, whether it is the mountain of impulse buying, the pointy temptation of a sale, or the seemingly unguarded savings balance which beckons you to attack, only to be trapped by the inevitable zero balance.
Secondly, you need to know yourself and where your weaknesses are your enemy, your strengths are who you truly are and want to be. If you see yourself as an organised person buy coloured notebooks and pens, or set up spreadsheets to track your budgets and spending. If you are motivated by goals and checklists set savings targets for all of your goals and reward yourself when you reach them.
Now, knowing both your enemy and yourself you can use your strengths to defeat your weaknesses. For example, use your organisational strengths to calculate exactly how much money you will need each time you leave the house and take only that amount.
One hundred victories in one hundred battles is not the most skilful. Seizing the enemy without fighting is the most skilful.
It is much easier to maintain financial security than to try and claw it back. Therefore avoid getting into debt in the first place by making a working budget and sticking to it. When you know how much you have to spend you can avoid spending on credit and you can also start a regular savings plan. It is also much easier to save regularly over the long term without conflict, rather than strike up a battle to furiously save at the last minute for a goal.
All warfare is based on deception.
Never will those who wage war tire of deception.
It is important to think of your financial institution as one who is waging war on you – they are not simply lending you money to buy a house or paying interest on your savings out of kindness, they are doing so to turn a profit. Your financial institution makes their money from fees and interest and making sure that you remain unaware of how fees and interest are applied so they reap the maximum charges.
Therefore, make sure you read the fine print on all of your financial products because you may find you don’t have the number of free transactions on your everyday account which you thought you did, and you may find that it is the compounding interest being charged on previous interest and fees which is making your credit card balance so hard to conquer.
Whoever is first in the field and awaits the coming of the enemy, will be fresh for the fight; whoever is second in the field and has to hasten to the battle, will arrive exhausted.
Another important reminder to be organised and prepared from the beginning because when you know the contents of your budget at all times, when you know your current account balances you can plan your spending and be ready and waiting to ward off an attack by your enemies – your weaknesses.
Also make sure you plan your spending, for example pay your bills in advance several days before they are due so you know the money arrives on time, you’re not rushed and you don’t forget.
Move not unless you see an advantage; use not your troops unless there is something to be gained; fight not unless the position is critical.
If it is to your advantage to make a forward move, make a forward move; if not, stay where you are.
Remember that you are making changes which are right for you and it is not about the products other people use or suggest. This means you shouldn’t just have a credit card for the rewards and you don’t need to pay extra for an offset mortgage if you can’t keep your savings balance topped up.
Also don’t make changes to your personal finances unless they are to your advantage. You may not have to change everything about your finances and some things can stay the way they are.
Indirect tactics, efficiently applied, are inexhaustible as heaven and earth... There are not more than five musical notes, yet the combinations of these five give rise to more melodies than probably can ever be heard. There are not more than three primary colours... There are not more than five tastes...
There are five essentials for victory:
He will win who knows when to fight and when not to fight.
He will win who knows how to handle both superior and inferior forces.
He will win whose army is animated by the same spirit throughout all ranks.
He will win who, prepared himself, waits to take the enemy unprepared.
He will win who has military capacity and is not interfered with by the sovereign
While many of these five principles are in the same vein as others already applied here, it is important that you fight with the same spirit throughout your ranks – uninterrupted for personal finance victory.
This means you need to apply these principles to all aspects of your life because your entire life is affected by money and the state of your finances. If you are in a relationship make sure you maintain control over joint and individual finances, always knowing that you are both working towards the same financial goals.
About the Author:
Alban is a personal finance writer at Home Loan Finder, a home loan comparison website.
Approaching your personal finances with some of the principles from Sun Tzu’s work can help you wrestle back control over money and debts, understand how best to use your financial products and plan for stable financial future.
If you only know yourself, but not your opponent, you may win or may lose.
If you know neither yourself nor your enemy, you will always endanger yourself.
If you know both yourself and your enemy, you can win a hundred battles without a single loss.
One of the most recognisable passages from "The Art of War" you can apply its message to your personal finances in a number of ways. First you will need to make sure you know your opponent and in the case of your personal finances the one standing in the way of your victory, the one who wants you to fail is the inherent weakness in your life or your attitude which always trips up your best laid financial plans. Identify your weaknesses and once you know and accept them you will be able to conquer them, whether it is the mountain of impulse buying, the pointy temptation of a sale, or the seemingly unguarded savings balance which beckons you to attack, only to be trapped by the inevitable zero balance.
Secondly, you need to know yourself and where your weaknesses are your enemy, your strengths are who you truly are and want to be. If you see yourself as an organised person buy coloured notebooks and pens, or set up spreadsheets to track your budgets and spending. If you are motivated by goals and checklists set savings targets for all of your goals and reward yourself when you reach them.
Now, knowing both your enemy and yourself you can use your strengths to defeat your weaknesses. For example, use your organisational strengths to calculate exactly how much money you will need each time you leave the house and take only that amount.
One hundred victories in one hundred battles is not the most skilful. Seizing the enemy without fighting is the most skilful.
It is much easier to maintain financial security than to try and claw it back. Therefore avoid getting into debt in the first place by making a working budget and sticking to it. When you know how much you have to spend you can avoid spending on credit and you can also start a regular savings plan. It is also much easier to save regularly over the long term without conflict, rather than strike up a battle to furiously save at the last minute for a goal.
All warfare is based on deception.
Never will those who wage war tire of deception.
It is important to think of your financial institution as one who is waging war on you – they are not simply lending you money to buy a house or paying interest on your savings out of kindness, they are doing so to turn a profit. Your financial institution makes their money from fees and interest and making sure that you remain unaware of how fees and interest are applied so they reap the maximum charges.
Therefore, make sure you read the fine print on all of your financial products because you may find you don’t have the number of free transactions on your everyday account which you thought you did, and you may find that it is the compounding interest being charged on previous interest and fees which is making your credit card balance so hard to conquer.
Whoever is first in the field and awaits the coming of the enemy, will be fresh for the fight; whoever is second in the field and has to hasten to the battle, will arrive exhausted.
Another important reminder to be organised and prepared from the beginning because when you know the contents of your budget at all times, when you know your current account balances you can plan your spending and be ready and waiting to ward off an attack by your enemies – your weaknesses.
Also make sure you plan your spending, for example pay your bills in advance several days before they are due so you know the money arrives on time, you’re not rushed and you don’t forget.
Move not unless you see an advantage; use not your troops unless there is something to be gained; fight not unless the position is critical.
If it is to your advantage to make a forward move, make a forward move; if not, stay where you are.
Remember that you are making changes which are right for you and it is not about the products other people use or suggest. This means you shouldn’t just have a credit card for the rewards and you don’t need to pay extra for an offset mortgage if you can’t keep your savings balance topped up.
Also don’t make changes to your personal finances unless they are to your advantage. You may not have to change everything about your finances and some things can stay the way they are.
Indirect tactics, efficiently applied, are inexhaustible as heaven and earth... There are not more than five musical notes, yet the combinations of these five give rise to more melodies than probably can ever be heard. There are not more than three primary colours... There are not more than five tastes...
There are five essentials for victory:
He will win who knows when to fight and when not to fight.
He will win who knows how to handle both superior and inferior forces.
He will win whose army is animated by the same spirit throughout all ranks.
He will win who, prepared himself, waits to take the enemy unprepared.
He will win who has military capacity and is not interfered with by the sovereign
While many of these five principles are in the same vein as others already applied here, it is important that you fight with the same spirit throughout your ranks – uninterrupted for personal finance victory.
This means you need to apply these principles to all aspects of your life because your entire life is affected by money and the state of your finances. If you are in a relationship make sure you maintain control over joint and individual finances, always knowing that you are both working towards the same financial goals.
About the Author:
Alban is a personal finance writer at Home Loan Finder, a home loan comparison website.
Monday, December 6, 2010
How Does My Income Compare?
Have you wondered how your income compares with that of your neighbors? This is the classic case of keeping up with the Joneses. Curiosity definitely gets the best of people -- wanting to assess how one is doing compared to others, especially those in their own neighborhood.
I recently came across an article from Slate that focuses on income inequality. It is interesting reading in itself, but what really caught my eye was a box that asks you to enter you zip code and income. It then comes up with data for the average income for your zipcode, and the median income for your state.
I snagged that box which uses Java Script code, and posted it below. I will note that the data for state median income comes from the U.S. Census Bureau. The comparison data by zip code comes from a website called IncomeTaxList. Personally, I would take the comparison information with a grain of salt. We live near the edge of a zip code where literally crossing a street into the next zip code would result in a difference of over $25,000 in income. What do readers think of this tool, and the data that it presents?
Some additional reading:
Annual Income and Net Worth
Annual Income Survey
How much do you make?
How you compare:
$52,059
PFS
I recently came across an article from Slate that focuses on income inequality. It is interesting reading in itself, but what really caught my eye was a box that asks you to enter you zip code and income. It then comes up with data for the average income for your zipcode, and the median income for your state.
I snagged that box which uses Java Script code, and posted it below. I will note that the data for state median income comes from the U.S. Census Bureau. The comparison data by zip code comes from a website called IncomeTaxList. Personally, I would take the comparison information with a grain of salt. We live near the edge of a zip code where literally crossing a street into the next zip code would result in a difference of over $25,000 in income. What do readers think of this tool, and the data that it presents?
Some additional reading:
Annual Income and Net Worth
Annual Income Survey
How much do you make?
Where do I stand?
Enter your zip code and income to find out where you fall on the curve.
How you compare:
$52,059
Sources: American Community Survey (State and National Data), IncomeTaxList (Zip code data).
NOTE: All information you enter is private and will not be recorded or stored in any way.
PFS
Wednesday, December 1, 2010
$45 Giveaway from CSN Stores
Fellow PF blogger, Seattle Simplicity, is giving away a $45 gift certificate redeemable at CSN Stores. To enter the drawing, you have to post a comment to her article: $45 Giveaway From CSN Stores. Also, you can link to that post, or add her blog to your blogroll for additional entries. The deadline for this contest appears to be December 10, 2010.
Monday, November 22, 2010
Trade Triangle: Frontier Communications (FTR)
A few months ago, I wrote a post about how Verizon Communications (NYSE: VZ) shareholders received shares in Frontier Communications (NYSE: FTR) as the result of a spinoff from Verizon. My post described how to calculate the cost basis of an investment after a spin-off for tax purposes. Having been "given" this stock from Verizon, I wanted to do an analysis of whether I should continue to hold onto the FTR stock that I now have. I use a website called INO.com (pronounced "I know") to do this analysis.
A portion of that website called MarketClub uses something called Trade Triangle analysis, which is a technical analysis tool. I used it to analyze the recent price movements of Frontier Communications (NYSE: FTR). The results of the trade triangle analysis are shown below.
This analysis shows that Frontier is now in a strong uptrend, and that this is an ideal time to buy or hold the stock. MarketClub's Smart Scan analysis calls this situation a "Trade Triangle" with a +100 being the highest possible score. This kind of technical analysis is great for trend traders who like the "red-light, green-light" simplicity of investing. So, based on this information I concluded that I should hold onto my shares of FTR for the time being. It is a fact that Frontier Communications has been in a general uptrend since I received the spinoff shares from Verizon (VZ).
Note that Trade Triangles are strictly a technical analysis tool. I don't use the MarketClub analysis to tell me what to buy. I rely more on fundamental characteristics like Earnings Per Share (EPS) and PE ratios to decide on which stock to buy. But, I use MarketClub to tell me when to buy.
Another comment that I have is that MarketClub does not require you to download and install any software. This is good because you can access your subscription from pretty much any computer. The downside is that your access speed will be limited by your Internet connection. In other words, MarketClub is not the fastest analysis tool that I've ever seen. But, it is pretty good considering that the software runs on their servers and not your computer.
You can subscribe to MarketClub for $150 per quarter or $449 for a year. You will have complete access to many of the investment tools available on INO.com. There is a 30-day risk-free trial period in which you can try them out. They will ask for a credit card when you sign up, but you have the right to cancel within the first 30 days and get all of your money back. So, what do you have to lose?
Another free tool that I utilize to help me keep on top of my portfolio is called Trend Analysis. Trend Analysis is a daily email analysis tool that gives me insight into exactly what my portfolio is doing. For investors who are following many stock symbols, MarketClub sends a daily Email for every symbol in your portfolio.
The links above takes you to a screen where you can get your first stock (future or option) symbol analyzed at no cost to you. After you sign up, you can easily add more symbols to get a daily update, which I find very helpful.
PFS
Disclaimer: This material is for general information only. It is not intended as an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.
A portion of that website called MarketClub uses something called Trade Triangle analysis, which is a technical analysis tool. I used it to analyze the recent price movements of Frontier Communications (NYSE: FTR). The results of the trade triangle analysis are shown below.
This analysis shows that Frontier is now in a strong uptrend, and that this is an ideal time to buy or hold the stock. MarketClub's Smart Scan analysis calls this situation a "Trade Triangle" with a +100 being the highest possible score. This kind of technical analysis is great for trend traders who like the "red-light, green-light" simplicity of investing. So, based on this information I concluded that I should hold onto my shares of FTR for the time being. It is a fact that Frontier Communications has been in a general uptrend since I received the spinoff shares from Verizon (VZ).
Note that Trade Triangles are strictly a technical analysis tool. I don't use the MarketClub analysis to tell me what to buy. I rely more on fundamental characteristics like Earnings Per Share (EPS) and PE ratios to decide on which stock to buy. But, I use MarketClub to tell me when to buy.
Another comment that I have is that MarketClub does not require you to download and install any software. This is good because you can access your subscription from pretty much any computer. The downside is that your access speed will be limited by your Internet connection. In other words, MarketClub is not the fastest analysis tool that I've ever seen. But, it is pretty good considering that the software runs on their servers and not your computer.
You can subscribe to MarketClub for $150 per quarter or $449 for a year. You will have complete access to many of the investment tools available on INO.com. There is a 30-day risk-free trial period in which you can try them out. They will ask for a credit card when you sign up, but you have the right to cancel within the first 30 days and get all of your money back. So, what do you have to lose?
Another free tool that I utilize to help me keep on top of my portfolio is called Trend Analysis. Trend Analysis is a daily email analysis tool that gives me insight into exactly what my portfolio is doing. For investors who are following many stock symbols, MarketClub sends a daily Email for every symbol in your portfolio.
The links above takes you to a screen where you can get your first stock (future or option) symbol analyzed at no cost to you. After you sign up, you can easily add more symbols to get a daily update, which I find very helpful.
PFS
Disclaimer: This material is for general information only. It is not intended as an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.
Monday, November 8, 2010
Guest Post: Asking For A Lower APR Is Worth The Risk, If You Have Decent Credit
As nearly all credit card holders have found out, credit card interest rates have been spiraling upwards over the past few years.
A lower interest rate on a credit card has the potential to save hundreds of dollars a year, depending on the current credit card balance.
With a credit card balance of $10,000, charged 25 percent annually, for example, that balance will cost north of $2,800 in interest annually, due to monthly compounding. If you could get the interest rate lowered from 25 percent to 15 percent, annual savings would be around $1,200.
Is there a risk to asking for a lower rate?
When you call the card company to request lower rates, the call may trigger an account review. If you are getting a better rate than you should, this could end up blowing up in your face. This is why it’s important to understand how your rates compare to national averages.
Who should ask for a lower rate?
If your credit history is in decent shape, and if you are paying over the national average, it is certainly worth a shot.
In 2008, the average percentage rate (APR) was roughly 11.4 percent compared to 14.9 percent this year, according to Bankrate.com. Today almost 75 percent of all households have a credit card, with close to half, (46.2 percent), carrying a credit balance. If you have good credit and your APR is higher than about 12-13%, your chances are great.
Also, if you are nearing the end of a 0% introductory APR window, we’d note that many of our users have had success extending their 0% introductory period simply by calling and asking.
Step 1: Do your homework
The first step to reducing your credit card rates is to understand how your history and debt look to a creditor, as well as how they perceive competitors’ rates. Write down your current rate, your competitor rate, and how many years you have been with the company. If you have stellar payment history, remember to note that as well.
Also, don’t forget to consider promotional periods as an alternative too. There are now plenty of cards with 0 percent balance transfer offers of up to 21 months. That works out to an effective interest rate of less than about 3% over the first 2 years, even including the balance transfer fee.
Step 2: Point out your great history, point out lower competitive rates, and make threats to leave
The second step is to call the company and tell them you want a lower rate. This step could be done quite easily as it just takes getting the right information in your hands and the right person on the telephone. The key to lowering your rate is to plead your case and your alternatives.
Be persistent and to remember that the credit card business is fiercely competitive. Use an online low apr credit card or balance transfer credit card search tool for a list of hundreds of competitive rates, and use this information as fodder for negotiation.
While your issuer may not match the competitor's rate, it may still agree to significantly lower your rate. Even so, negotiating a lower rate with a credit card company may not prove easy for everyone.
If customer service does not agree to lower your APR, threaten to cancel your card. The threat is worth making, because you don’t have to go through with the cancellation – you can bluff.Then you will be transferred to a customer retention department that has more latitude to give you concessions.
About the Author:
This is a guest post written by Barbara Gengler for the website NerdWallet. If you are interested in writing a guest post, please contact PF Stock at the Email address listed in the sidebar.
A lower interest rate on a credit card has the potential to save hundreds of dollars a year, depending on the current credit card balance.
With a credit card balance of $10,000, charged 25 percent annually, for example, that balance will cost north of $2,800 in interest annually, due to monthly compounding. If you could get the interest rate lowered from 25 percent to 15 percent, annual savings would be around $1,200.
Is there a risk to asking for a lower rate?
When you call the card company to request lower rates, the call may trigger an account review. If you are getting a better rate than you should, this could end up blowing up in your face. This is why it’s important to understand how your rates compare to national averages.
Who should ask for a lower rate?
If your credit history is in decent shape, and if you are paying over the national average, it is certainly worth a shot.
In 2008, the average percentage rate (APR) was roughly 11.4 percent compared to 14.9 percent this year, according to Bankrate.com. Today almost 75 percent of all households have a credit card, with close to half, (46.2 percent), carrying a credit balance. If you have good credit and your APR is higher than about 12-13%, your chances are great.
Also, if you are nearing the end of a 0% introductory APR window, we’d note that many of our users have had success extending their 0% introductory period simply by calling and asking.
Step 1: Do your homework
The first step to reducing your credit card rates is to understand how your history and debt look to a creditor, as well as how they perceive competitors’ rates. Write down your current rate, your competitor rate, and how many years you have been with the company. If you have stellar payment history, remember to note that as well.
Also, don’t forget to consider promotional periods as an alternative too. There are now plenty of cards with 0 percent balance transfer offers of up to 21 months. That works out to an effective interest rate of less than about 3% over the first 2 years, even including the balance transfer fee.
Step 2: Point out your great history, point out lower competitive rates, and make threats to leave
The second step is to call the company and tell them you want a lower rate. This step could be done quite easily as it just takes getting the right information in your hands and the right person on the telephone. The key to lowering your rate is to plead your case and your alternatives.
Be persistent and to remember that the credit card business is fiercely competitive. Use an online low apr credit card or balance transfer credit card search tool for a list of hundreds of competitive rates, and use this information as fodder for negotiation.
While your issuer may not match the competitor's rate, it may still agree to significantly lower your rate. Even so, negotiating a lower rate with a credit card company may not prove easy for everyone.
If customer service does not agree to lower your APR, threaten to cancel your card. The threat is worth making, because you don’t have to go through with the cancellation – you can bluff.Then you will be transferred to a customer retention department that has more latitude to give you concessions.
About the Author:
This is a guest post written by Barbara Gengler for the website NerdWallet. If you are interested in writing a guest post, please contact PF Stock at the Email address listed in the sidebar.
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