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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: does making minimum payments affect... Date:  6/2/2003  3:55 PM
Author:  Wingenit Number:  161218 of 312185

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.
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