So the minimum payment naturally skyrocketed. In fact, it went from a little over $100 a month to more than $350. And the bulk of the payment was interest. So for the first time ever, I was late with a payment to this card this month. But I buckled down this morning and signed on to my account online to try to formulate a plan. When I did, I saw an option to click on a button to "make payment arrangement." So I did. It asked me some routine questions and then on the next click had a list of offers.
The first offer was to pay off the entire debt right now and we would all be happy. Next. Then there was one to divide up the balance into three easy payments. Yeah, right. Finally, there was an offer for a 60-month BLP that would close the account while we pay it off. That's what I was looking for, but at 9.9% APR, it was not an option. As I sat here contemplating the offer, a chat box popped up on my screen and "Corey" offered to help. I explained the dilemma - that I did want to do a 60-month plan, but that I couldn't commit to that high of a payment and if he could lower the interest rate, it might be doable. Corey says "do you see a button to decline the offer?" Uh, yes I do. So I click on it and, lo and behold, a new 60-month offer pops up.
At 0%. ZERO! For 60 months, at which time the debt will be paid in full. Would that be acceptable, Corey asks? Um, yes, I think I will make that acceptable, Corey. And so it is done.
I'm amazed that it was so simple. I didn't have to provide information about anything and everything like I've had to with other creditors. And I did it without ever having to talk to someone in person. I'm thinking that some of the credit card companies might finally be coming to the realization that if they're going to get back what's owed to them, they're going to have to stop being quite so greedy.
I will say this about the BLPs. At least when the statement comes, I already know what the payment will be. There's a whole lot less stress that way.