The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt

URL:  http://boards.fool.com/the-only-thing-this-affects-besides-your-19130298.aspx

Subject:  Re: does making minimum payments affect... Date:  6/2/2003  3:55 PM
Author:  Wingenit Number:  161218 of 308881

The only thing this affects (besides your debt/income/availabe ratios) that I know of is in convincing a current CC company to lower your interest rate. We had one (which was our last-to-go snowballed account until we moved it to 0% on another card) where we were told that they would not lower the interest rate b/c we had been paying minimum on the account.

However, I no longer think this matters since it has been virtually impossible for us to get any company to lower rates despite improved credit rating & no late payments. The only way we've seen to get lower rates is to keep moving balances to the 0% teaser cards & shut down the high-interest cards. This has been very worth our while & is helping us to pay down our debt much faster.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us