Posted on
September 22, 2009
at
10:31 pm
Okay, so I've seen previously posted here that interest can be lowered, but is stopping credit card interest rates possible? It's atrocious to say the least especially if just one little delayed payment makes all the difference!
Posted on
September 23, 2009
at
12:35 am
Stopping credit card interest rates is indeed possible, and this can be done thru a balance transfer. By availing of a credit card that has a 0% interest rate and using it to pay off all your debts, one can be able to rid of credit card interest and at the same time pay for their debts in a timely and more organized fashion.
Posted on
September 23, 2009
at
2:09 am
Would you recomment this method is stopping credit card interest rates though? I feel iffy about it to be honest
Posted on
September 23, 2009
at
2:27 am
While it may be helpful in stopping credit card interest rates, I am not too sold out on the idea. Getting a balance transfer does not exactly remove the debt problem. For one, the zero interest promo only lasts for a certain period of time. When that promo lapses, the interest rate on that card would go back to its normal status, and you as a consumer would have to pay another set of interest charges and payments.
Posted on
September 23, 2009
at
2:41 am
Right. Robbing Peter to pay Paul is not a solution to anyone's debt problems. It may prove to be a short-term solution, but its long-term effects do much more damage in the long run.
Posted on
September 25, 2009
at
2:39 am
What are other alternatives in stopping credit card interest rates?
Posted on
September 25, 2009
at
2:46 am
I only know that you can reduce the interest rates but not necessarily stop them...
Posted on
October 6, 2009
at
10:01 pm
Stopping credit card interest rates is simply not very likely to happen. A general rule of thumb in the credit card business is this: as long as there is a balance on your account, interest charges will be applied towards your balance. It is part of the contract that you signed when you first applied for the card. Inasmuch as a consumer would want to have these rates stopped--and who wouldn't--it is simply part of the package.
Posted on
October 7, 2009
at
12:17 am
What if I consolidate my debt? Wouldn't that help in stopping credit card interest rates? As long as I am in a payment plan, no charges would be added on top of the balances I have... right?
Posted on
October 7, 2009
at
1:49 am
Still not possible, Aggie. Credit card debt consolidation is not capable of stopping credit card interest rates. One such consolidation method, a debt management plan, can lower your interest to 15% from the current rate that your receive from your creditor. A debt management plan may also entail stopping all fees from being added on top of your balance--but this heavily depends on what the credit counseling service is able to negotiate with your creditor.
