Recently had to take a 30% decrease in my Income, due to this I have maxed out my wells fargo credit card, they also just raised the percentage to 13.44%,
Can I negotiate a 50-70% deduction of my Credit card balance and pay it off with out it effecting my credit? can i get them to reduce my rate to 5% like my 2nd mortage? can i take 10K of this card and add it to my 2nd? my payement for this card is now 471.00 monthly?
No, no, and no.
Any time you repay less than you owe it will hurt your credit report, lower your credit score and leave you with a big potential tax liability.
There is no incentive for the lender to reduce your interest rate. If you want to see if a creditor might lower the rate while in a credit counseling program, the click here for credit counseling information.
These days a 13.44% interest rate in a credit card is a good rate.
Besides a credit counseling program to reduce the interest rate, if you have a credit score above 660 you could checkout LendingClub.com for a fixed rate unsecured debt consolidation loan or bankruptcy to discharge the debt and turn it into 0% debt.