I am in debt depression!

iVillage Member
Registered: 04-26-2003
I am in debt depression!
2
Mon, 05-19-2003 - 9:54pm
I tried to post at work today, but something happened and it did not post. I had a really long one too! Oh well, I guess I can try to remember parts of it! I paid bills on Saturday, and of course, we were in the red before I finished. I will have to hold some checks until the last minute and then be charged late fees. Same story, never an end. I called Discover and tried to get my interest rate lowered. It is 24.99% and they told me NO. They said to call back in 3 months and they would re-evaluate me. Oh well, how is a person supposed to get ahead if they get no help at all? It is just a never ending cycle, you hold the checks and get late fees, or you mail them on time and the checks bounce and you get overdrafts! I am just so tired of this game! My husband is in LA LA land half the time and I am the one who worries about all of the debt. He just bought a new SUV and added to the debt 500.00 per month! Thanks for your ears......I need some support.

Thanks,

Lucy
iVillage Member
Registered: 08-14-2002
Tue, 05-20-2003 - 12:41am
I hear you and know what it's like. My ex was the same way - no clue about what we could afford, what we couldn't, even though I tried depserately to get him involved in our budget and see where the money goes. Still, this was one of the key factors in our divorce. I don't say this to alarm you, just to let you know I cam empathize.

I can only advise that you find some way to get him directly involved in the budget and deciding where the money goes. Maybe explain to him that if you were hurt or incapacitated in some way, you need him to be able to pick up with the budget and keep things rolling. Get him to set up a few months of the budget for you. This can be a real eye opener (and gives him some feeling of power and control, and maybe more likely to cooperate). This is the tactic my DF uses with me from time to time, and it keeps my spending reined in pretty well. I also know I can pick up where he left off if it's ever needed.

On a lighter note,

We got our interest rate lowered on a credit card quite by accident - called them up truthfully intending to close the account. Asked them what the payoff amount would be in ten days, so I could send them the full amount. Said I wanted to close the account permanently (and I did).

That launched them into a spiel to keep our business - they connected me to a different CSR, one who handles account closings (and is trained to keep your business as long as they possibly can, and has the power to re-negotiate) - "Can we lower the interest rate for you? Drop the annual fee? Raise your credit limit?"

Got us to thinking... so we did the same thing with our other credit cards - called them up and said we wanted to close the accounts. We got the interest rate lowered or annual fee dropped on 7 out of 9 accounts. Effective immediately, that night. Hehehe.

Now I hope the board moderators don't scold me for this info. It was not illegal or immoral, and I did not lie. We truly DID want to close those accounts, all of them, and have done so for all but one account (our emergency account). I truly believe the CC companies don't care a hoot about your debt, only about how much money they can squeeze out of you. And I think they tell you the interest rate is non-negotiable, when in fact it IS, given the right motivation for them to do so, and contacting the right CSR with the power to do it. As my DF likes to say, "I don't cheat, but I don't play fair, either." He means he plays within the rules of the game, but finds ways around them whenever possible.

Might not work for everyone, especially if your accounts are overdue or over the limit. Best to use this strategy when you've had a good record of payments for a few months.

Best of luck to you both!

Msfit




Edited 5/20/2003 1:03:32 AM ET by msfit777

                  &nbs

iVillage Member
Registered: 03-31-2003
Tue, 05-20-2003 - 11:12am
I think that was a great tactic to use, and doubly fun because it was unexpected when you made the first call to close the account.

It must have been a lot of work to call nine companies and negotiate with them, you should be proud of yourselves for a job well done!

Lee Ann

www.werenotafraid.com