Capital One isn’t the only financial concern doing it. That’s not to imply you mean that. You clearly didn’t.
I have had a number of accounts charge me in that neighborhood for the debt they were carrying.
Some of them were mainstream big names too.
I called them on it, and I actually got some of them to lower their rates. I advise everyone to do that. Some companies won’t negotiate, but others surprisingly will.
I also call the corporate offices of my cable provider about ever six months, and ask them to review my statement to see how they can lower my bill. They usually come up with $25 to $35 dollars in monthly savings for the same service, specials and the like. It helps.
We’re concentrating on eliminating our debt. We’ll be paying off four or perhaps five accounts late this year and into early next year.
I wonder how many folks make monthly payments on credit, not realizing that upwards of 50 to 75% of the payments are going toward interest, and not the principle.
” I called them on it, and I actually got some of them to lower their rates. I advise everyone to do that. Some companies won’t negotiate, but others surprisingly will.
I also call the corporate offices of my cable provider about ever six months, and ask them to review my statement to see how they can lower my bill. They usually come up with $25 to $35 dollars in monthly savings for the same service, specials and the like. It helps.”
Good on you! I do the same, when the opportunity presents itself. Most people don’t know they can negotiate just about any rate or term.
A few years ago, the bank credit card lobby spent over 100 million pestering congressmen to allow usurious rates, and also make it very difficult, or next to impossible to charge off credit card debt, through bankruptcy. They bought the politicians(Dem & Republican alike). Now they issue credit cards to anyone, regardless of credit rating, and charge 28.99 to 30.99 APR. My main card charges 6.99%, but I always wipe it at the end of the month. Consumer-debt- free is the way to go if you possibly can.