Credit Card Debt How does it feel to be in the Drivers Seat

So you're asking yourself "how can a phone call benefit you and your family"? Well let's try to answer this question, let's look at it this way if you were a credit card company and you charged a 12,15,19 percent interest rate or more on credit card or personal loans you would definitely be making a killing.

This is what credit card, personal loan, and home equity companies have done for years, basically legal loan sharks and were living high on the hog.

Now with the current economy a lot of these loans are not being repaid on time or they are in default, there was news that one personal loan/credit card company lost 60 million dollars in unpaid loans.

Now that is where we benefit for a change. Just think if you were one of these companies, would you want the loan to be repaid at a lower interest rate or have your company collectors or outside collection agencies run around in circles trying to get the high intrest rate payment?

Let me tell you a personal story, I was in a desperate financial situation, where I had a number of bills that needed to be paid let's say yesterday. I was starting to get foreclosure notices, utility shut off notices in the mail, just barely keeping my head above water.

I applied for a personal loan from one ot the many high interest rate companies. The interest rate on the loan was so high, it would be embarassing to give you the figure, let's just say that I had no choice. It was so bad, I looked at my wife and basically told her I wasn't going to sign the paperwork but I did.

Well I fell behind in the payments due to an unforseen household emergency ( the story of my life). I made payments here and there, always late never on time, and the company was calling me on a regular basis. Then one day I read a newspaper article stating that this company was having a hard time and lost a great deal of money.

A week later a collection representative called me and offered to re-structure my loan at a 7% interest rate is that unbelieveble or what? She told me she would send me some necessary paperwork to get it started. I didn't see any paperwork and I didn't hear from her in about a week. So of course another collection rep from the company called me, I basically told him that I wasn't doing anything until the lady called me back. He asked me to hold for a couple minutes and he came back with a 5% interest rate offer, needless to say he was the man.

Now remember that I did not contact this company to ask for a lower interest rate, they just thought it would be in their best interest to restructure the loan.

So gather your credit card and financial loan paperwork, pick a day that you can sit down and call those 1-800 nmbers and negotiate for a lower intrest rate. If you find out that they are not willing to provide you with a better deal look into a personal loan that you can pay these off at a better intrest rate.It only costs you your time and could save you hundreds if not thousands of dollars. You are in the Captains chair, remember this saved money can possibly be used for things other than paying credit cards,loans and other bills . Good Luck and look out for Saving Money Part 3 Online Shopping.

For more money saving tips please visit

http://www.Food-Storage-Info.com

Take Care and Have a Great Day,
Carl C