Last Chance To Lower Your Interest Rates- Or Is It ?

Learn About Predatory Debt Management Companies Claiming To Represent Your Credit Card Card Company

If you have a beating heart and a phone number, you have probably received repeatitive phone calls from a pre-recorded message saying something like this, " Hi this Is Heather with Financial Services or "Account Services", Don't worry everything is fine but this is your last chance to lower your interest rates, press 1 to speak to a live representative." So you hit 1 and wait for someone to say, " Hi this is Erica with Account services, are you responding to your lower interest rate offer?"

YOU:"Interest rate on what? My mortgage, my loan, my car, my credit card, what are you talking about? How did you get my number?

THEM:Well sir/ma'am, because you've had a good payment history over the last six months, you're eligible to receive lower interest rates on all your existing visa and mastercard accounts because you are in good standings. Now my job is to verify you are still in good standings, do you have at least $3,000 or more in credit card debt? How much credit card debt do you think you have on all your accounts now?" $5,000? Great. Now to verify you are in good standings, I just need to you have at least one card that has a balance, is not over the credit limit, and is not late. Do you have any cards in good standing? Ok great, I just need you to verify the 800 number on the back of the card and then your card number on the front starting with 4 if its a visa and 5 if its a mastercard."

At this point, you should realize you should never give your credit card number out to someone even though all they can do is "check the balance" but in order to check the balance, they only need either your zip code if its Bank of America, or Chase. Many of the credit card companies like Citibank require you to punch in the last 4 of your social security number. What these people do is check to see if you have debt and make sure you have available credit before you get to speak to a "manager", which is essential a closer meant to overcome your objections so they can charge your credit card anywhere from $990 to $2000, and throw in some "free" gas cards which is really just money you're paying for and upsell you some other offers. Then they promise protection from the consumer protection act which protects from any unauthorized fraud, theft, or misuse of the card and promise they are honest people. The problem that occurs with these type companies is that they use existing merchant accounts that already generate a large amount of money on a monthly basis so they can have more chargebacks than a small merchant that would be closed down, so essentially they protect themselves by recording a conversation with you in which they get you to spell your name, credit card number, date of birth, and say " Do you authorize us to charge you the one time fee of $900 or more upon showing you a minimum savings of $3000 or more? I need a clear yes, not anything else" If you don't say a clear yes, they start the recording all over again and give you a "confirmation number" This number means nothing. They say it stays on file with the bank for 3 years, but its really just their recording they play back to your merchant when you dispute the transaction and if you say yes, then the charge is approved because well, you said yes didn't you?
The guarantee to show you a minimum savings is loose because you can pay $20 a month more on your monthly payments over the course of a few years and "save" $3000 or more. Its common sense. All they do is provide a "financial profile" on how to pay your debt faster by paying more even though they guarantee you won't have to make a larger payment. These companies explain how they saving you a minimum of $3,000 to $10,000, whatever your balance is divided by 2 over the next 5 years. They justify this by simply telling you to pay the same amount on your credit card but they cannot guarantee a lower interest rate because you would be "stuck" with a higher interest rate if they

guaranteed you an interest rate. Its beating around the bush.


In conclusion, these companies use "press 1 marketing tactics" will although already are in violation of many do not call and telemarketing rules soon will be more illegal around September of 2009 and they will have to find another way to harass consumers and scam them out of their money. There are much easier ways to get out of debt through disclipined budgeting, working an extra job to pay off your debt, and become debt free the old fashioned way. If you are still struggling with credit card debt and need free advice, feel free to contact us now for a no obligation quote on your financial situation. You can learn about 2 of the options that may be of help to you below.

Ranking (s) Debt Management Programs Benefits Of The Program   How To Be Debt Free
1 Debt Settlement  Debt Settlement rating - 5 stars
Debt Settlement -Reduce your debt by 60%		 Lower your monthly payments by settling your balance for as low as 38% of your original debt. Must be credit cards, personal loans, collections, and medical bills. No credit union accounts are allowed. A Better Alternative to Bankruptcy -Cheaper and Better On Your Credit Report
Debt Settlement Review
Rating: 97%
Rate and Review  Review Debt Settlement
2 Debt Management Credit Program (DMP)  Debt Management Rating - 5 stars
Editor's Debt Management Choice		 This option allows you to pay back your unsecured debt at lower interest rates. Regardless of your credit score, these interest rates are pre-negotiated rates, some as low as 5.9% fixed depending upon the banking institution you are with. Lower those interest rates and pay that debt off without harming your credit score! Debt Management Credit Review
Host Rating: 97%
Rate and Review The DMP  Review DMP

Disclaimer: Always consult with one of our account managers regarding your financial scenario to fit the best situation for your financial needs


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