I can recall the days where I had the attitude if I can't see it, it doesn't really exist! How many of us just ignore our finances? I mean really...doesn't it always seem to work out anyways? I have always had a home and a vehicle even if I did have some debt. Yet deep down you always know that mounting debt is a huge black cloud waiting to rain on your parade one day. After the initial spending high it causes anxiety, guilt, and shame only to be followed by quarrels with spouses until the next pay check and your next spending high comes along. Most of us have been there and it can be a hard cycle to break.
I am here to tell you it isn't impossible, in fact it isn't even that hard. There are so many easy things you can do to improve your financial situation without even getting off your couch.
Here is something for you to start with, pick up your phone and call your credit card company and ask for a better interest rate. What is the worst thing that could happen? They may say no...Oh well...call them again next week, and then again the next week and the next until they offer you a better rate! It will happen, they want your money and if they know you are going to switch to another company with a better rate they will help you out.
Each blog I will try to help you out by doing a little leg work for you, today I have found a credit card with no fees and a good rate for you to use as leverage against your credit card company.
If you're looking for a credit card that can offer you some stability, the Capital One Low Rate Platinum MasterCard might be of interest. This card offers a guaranteed interest rate of 4.75% until March 31, 2012, at which point it will become a will become a variable rate of Prime +1.75%.
- guaranteed interest rate of 5.8% until January 31, 2012 (switches to variable rate Prime + 1.8% after that)
- no annual fee
- no-fee balance transfer service
- free car rental insurance (rental Collision and damage waiver)
- extended warranties on most purchases (double the manufacturer warranty up to 1 additional year)
A fixed rate of 4.75% for the next 3 years seems pretty reasonable. No annual fee is good of course, and the standard array of Platinum perks is always welcome. Note that this card is not available to residents of Quebec, the Yukon, the Northwest Territories, and Nunavut.