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Credit Card Late Fees, Interest Rates and Closed Accounts

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If you're trying to payoff credit card debt, and reduce building balances, the best place to start is to figure out how much you owe and what percentage APR or interest rate you have. Once you know, you can begin calling your credit card companies to ASK them to lower your interest rate. Be sure to call when you're feeling strong and confident, so that you're less susceptible to intimidation. Even if your credit score is low -- CALL and ASK. It never hurts to ask. If you don't ask, the answer is no anyway. Right? If you're successful in transferring a balance to a ZERO percent interest rate, be careful not to pretend you've solved your debt problem. You still have the debt, and it still needs to be PAID OFF. Continue to throw as much extra money at it as you can, and pay them off as fast as possible. Stay mad at it. Stay committed to reaching your goals of a debt free life. You can do it! If you're calling to cancel your credit card, be ready to be patient and possibly to defend your decision by repeating your request several times. "Yes, please, I'd like to close my account, thank you." You'll likely be bounced around to different people. They're hoping you'll get frustrated and hang up or lose your nerve. Don't let them convince you that you NEED them. All you need is to be debt free so that you're free to build wealth. Credit Cards will not help you reach that goal. Payoff your credit cards from smallest to largest. The math on this may not seam logical, but it will help keep you motivated by giving you quick wins. It's inspiring to pay off credit card balances. It'll boost your confidence and make you feel empowered. You go girl (or boy!). How We Stopped Living Paycheck to Paycheck https://youtu.be/HFofLtL_Dqo ツ S U B S C R I B E (it's FREE) http://www.youtube.com/subscription_center?add_user=msdiaperd Hey there! I'm Dana. I'm a wife and Mother to 4 kids, including twin boys and two girls. I work full time outside the home in finance as a Corporate Accountant, but enjoy sharing my personal and parenting journey online. We live in the Philadelphia area. Follow Me Everywhere @MsDanaRyan Need to Contact Me? MsDanaRyan 2102 Kimberton Rd #79 Kimberton, PA 19442 [email protected] *Please be advised that some of the links above may be affiliate links and I do receive a very small commission if you make a purchase using those links. I appreciate your support if you do, and if you don’t - no worries. We’re still buds. xo "Marty Gots a Plan" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License http://creativecommons.org/licenses/by/3.0/
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Text Comments (30)
Anthony (4 months ago)
Thanks
Jay Horuun (5 months ago)
Today, I paid off my 17k two Capital One Cards and closed............. Free debt........ no more bills.... Thank you
Jay Horuun (4 months ago)
bill2526 bill2526 it's better to get out payment land
bill2526 bill2526 (5 months ago)
Jay Horuun dont ever close a good credit card just use for a very small purchase about every other mounth now you are fucked high ins and everything else you need good credit fucking idiot
Jason Dailey (7 months ago)
I had 4 credit cards, until a month ago, I got a new Discover IT card. I had small balances on the others. I rolled all those balances to the Discover card, and closed the other cards. Yes, my credit will take a ding, but will rebound in a few months. I have my bank debit card and my Discover credit card. That's it. Some say it isn't responsible, but I disagree. Being more responsible with your income, and adjusting your finances is way more important than a credit score. We live in a society where cash is on its way out, but you can still save, and pay your bills. I will keep my Discover card, and probably pay my bills off with it and pay it off twice a months and bank up some rewards points.
Chris Baker (7 months ago)
Caring even a 1 cent balance costs you more in interest than you get in rewards.
Kathy Radford (10 months ago)
The best reason to pay off a lower balance first is so that you can then use that money you were using to pay off the next card.
Pamela Jones (1 year ago)
The other thing when transferring it starts your credit history over at zero months you lose all those years you may have accumulated
Irene roland (1 year ago)
I only have one credit card , and one debt .
Jason Dailey (7 months ago)
Irene roland This is me. My bank debit card and my Discover credit card. That's it.
Michele Lara (1 year ago)
consumer debt is the worst!!! I had transfer balances on 2 cards.. interest free for 15months, I lined up my payments more than the min.
Ashley Burton (1 year ago)
Yes be firm when you are closing your account. But best to have things in writing.
Debt Free Dana ツ (1 year ago)
+Ashley Burton Agreed. If it's not in writing, it never happened. 😉
Ashley Burton (1 year ago)
I love how you have a nanny! Do you work or just youtube?
Debt Free Dana ツ (1 year ago)
+Ashley Burton I work full time outside the home in finance, plus do YouTube on weekends. Our nanny is my sister. So it's not as fancy as it sounds. She watches my 4 kids plus her own in my house. 😊
Alejandro Garcia (1 year ago)
paying off my cards how will that affect my credit im trying to raise my credit but they say 0 balance is bad for my credit
martha jean Mcgrew (1 year ago)
When I was refinancing a mortgage at my credit union, they required me to have a session with a ( telephone ) credit counselor. ( I was in the Los Angeles area and the company I was talking to was in San Francisco ). I think it was free ( although the charge could have been buried in all the fine print in the mortgage signing/billing, i suppose ) It was one of the best hours on the phone I have ever spent. The counselor then writes a report to send to the credit union, which I got a copy of, and I guess it goes in the file - not sure what they do with it! The woman who was the counselor was really knowledgeable and very helpful, with lots of ideas, but most important, she made me feel empowered to be able to talk to these credit companies that I HAD to - I wasnt going yo get the home loan unless I straightened out some of my other debts.( I had told her I would become so stressed out when I had to talk to these people that I just couldnt handle it. ) So, there are companies that have free help, and even , I have heard, will talk to the "rough characters" for you.
brianna jones (1 month ago)
You think your credit profile is bad, mine was terrible. A friend of mine introduced me to a hacker called Aaron then I got in touch with him, To my surprise he fixed my credit profile within a few days. He helped me increase my credit score to 780 excellent plus and delete all bad negative items on my credit profile within 72 hours. He also help me increase my credit cards limit to $25k , I'll advise you contact him for your credit repair on his regular email MASTERCREDITFIX At Gmail Dot Com
Marie Michelle (1 year ago)
Hi Dana! I discovered your channel through cloth diapers + cloth wipes for baby and I am loving your point of view <3 I have been looking around and can't seem to find a video on preparing for baby arrival and planning financially. Maybe I just can't find it? <3 If you don't have one, it is now my official special request =)
Keebler50 (1 year ago)
Your hair is cute flipped up on the ends, like that! Be blessed.
Debt Free Dana ツ (1 year ago)
+Keebler50 Thanks!!!!!! 💖😊
glovalova (1 year ago)
Hi Dana, just curious: are you now debt free? I wonder if I missed a video about it.
Debt Free Dana ツ (1 year ago)
+glovalova Nope we're on the journey there. Jim still has a student loan we're tackling. HUGS!
Peter Libero (1 year ago)
Send in a written letter when closing an account!
Ashley Burton (1 year ago)
Peter Libero I love getting those confirmation letters saying your account is closed with a $0 balance.
Debt Free Dana ツ (1 year ago)
+Peter Libero YES! Great advice. 👍🏻
galaxytasty (1 year ago)
Personally, I don't think you need to protective yourself. You screwed up and pretty much owe money to the banks or someone else. Think of it this way, if you lend out 5k and expect the other person to pay you back, then of course, you would be upset if you weren't paid that amount. Interest and fees are just a part of borrowing money. Borrowing money is not FREE. It's a convenience to me, you and everyone else who has a credit card. They give you 30 days to pay back what you owe and if you cannot afford that payment, then you should not have borrowed it. It's really that simple. Do not borrow more than what you can afford. I don't think most people understand the simplicity of this and that's why most people should avoid credit cards. You walk a fine line when you are dealing with credit cards and only a few people understand that balance.
Elizabeth Light (10 months ago)
I fixed my credit and cleared all debts with the help of a genius hacker and he did a perfect job increasing my credit about 189 points in few days. My score is amazing at it high 780’s now and my heart is so happy. I refer this hacker to those who have a fixed date to fix their profile. Tell him a previous customer referred you. message him at patchupcredit gmail com.
Mariela PRey (1 year ago)
I just appreciate your great info! Helps a lot
Debt Free Dana ツ (1 year ago)
+Mariela PRey I'm so glad. HUGS!!

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