Do I Need a Really Good Sob Story to Get My Creditors to Lower My Interest Rates? – Laurie

“Dear Damon,

I have Lots of valid credit card debt.

Is there a safe, do it yourself way to reduce the percentages on credit cards? Is calling and asking for reduced APRs doable… you need a sob story?


Hello Laurie,

That depends on your definition of safe.

You can certainly call your creditors and yes, give them the best story you can come up with and ask for help. The unfortunate reality is that you will not typically find much success doing this if you are current on payments.

The downside and I want to caution you, if you do this and you still have credit available, be prepared for them to possibly cut your credit limit. So you call them for help, and they can likely just cut off your lifeline if you have been depending on the cards to make ends meet while you figured out a plan.

You can contact a consumer credit counseling program and ask them to let you know what your payment would be and what interest rates they have pre negotiated with your creditors.

Or if you wanted to do it on your own, first call and ask, and if you have no success, you will typically have to be behind by a payment or two and then they may offer you a lower rate as part of their internal hardship programs that they don’t offer to those who are currently paying.

There is a risk to doing this as you are breaching the agreement by not making a payment, and if your rate is at 20% currently, they may raise it to the default rate and then decide not to lower it for you.

So is there a risk? Yes. Does it suck that they have policy’s in place and tend to not work with consumers that are trying to get out in front and solve problems before they fall behind? Yes. But in the words of the late, great Jim Rohn, “It’s just the way it is”

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So now that we know the “way it is” we have to get a better understanding of your situation and create a plan that works with the way things are, because we can’t change the “way it is.”

Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at

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