Mail Box

Today I think many of you who are struggling with Credit Card debt and high interest rates will get an idea on how to reduce that interest rate by reading what one of my readers recently sent in and then making a few phone calls to your bank.

Here is the e-mail I received:-

Hi David,

We struggled for years to kill our credit card debt, and I mean really struggled - we were regularly hit with over-limit or overdrawn fees of $30 - $45 by NAB.

Eventually, through a move and change of job we were in a position to pay out the $4500 balance, which we did with great pride. Then I phoned to close the account....

To cut a long story short, the Bank did everything possible to discourage me: I was offered 1 year with no annual fee, then 2 years fee free and when that didn't work, the interest rate that I had battled with for years of 16.9% was dropped to under 9%; and it was pushed that I should keep the card just for emergencies.

I was livid. Even though the offers were great I was incensed that when we needed the help the most there was none (in fact the penalty fees made it much worse - did they really think for a minute that we were late or over-limit willingly!!). I stood my ground and got the account closed but it wasn't easy and the temptation could easily have been too much - lucky for me that I was furious by then!

Cheers
Bee

What do you reckon? Is that a success Story or what!!!??

Now If I had a problem Credit Card that had a high interest rate, I reckon I would contact my bank and announce that I am thinking about paying off my debt and closing the account (nothing but the truth - I think about it all the time!). Then I would ask how to go about doing that.

It might be an interesting outcome by the sound of it! I will leave it up to your imagination!