I worry about money constantly, always have alway will. Sometimes it is founded, sometimes not. I have had a particular thorn in my side for awhile and it came to a head last night. I let myself get all worked up about it. My usual mantra "What's the worst that could happen?" wasn't working. I think Dad gave me that one. Could be a Dale Carnagie thing.
After having trouble sleeping last night because of my bills, I awoke determined to do something about it. Sometimes things have to sink real low in order to get my attention. This is such a case. Thankfully, I was able to take the bull by the horns today.
First, I sat down and made a list of all my bills and the minimum payments. Car and mortgage stay the same and that makes budgeting easy. Unfortunately, as we all know, winter increases all utility bills! My gas bill is $12/month in July, last month it was $68 and we are not even into the cold-cold season. We are close, it was 24 this morning and 34 this afternoon.
After evaluating them, the same thorn was sticking. The one that was really ripping me up inside was my GMCard. I am fortunate that I only have one credit card. But last summer when I was laid off and no receiving my unenjoyment checks, I was late on 2 payments. Guess what? That means the credit card gods can legally change your interest rate to something unbelievable! Yeah, I found out the hard way. 30.99 percent! It raised my payment $45 per month! It is truely a hardship now that I am only working part time. And it is keeping me up at night.
Initially, I seriously considered not paying it at all. What's the worst that would happen? I have really good credit, it shouldn't make that much difference. I could wait out the 7 year blight to my credit and stay in my house until it is erased from my credit history, right? I did some research and found out that it really isn't such a good idea. I don't want creditors calling me all the time, becoming a slave to my caller ID, and waiting for the axe to fall.
My next option was to call and negociate with the credit card company. Did some more research and found out that I am in too good of shape to get away with that. Apparently, they will not negoiate a new interest rate or decrease your payment until you are delinquent for 90 days. By then, my anxiety level would be through the roof!
By now I am depressed and running out of options. I poked around on the website trying to make a case for reducing my interest rate. I figured it couldn't hurt to ask, even if they didn't consider me a hardship. I stumbled across some program they offered that would suspend your payment obligations in the case of hardship. Yep, I met the criteria, but there was a monthly fee. Hmm, better see what I can do with payments and interest first before going that route.
So I make the call. I listened real hard to the foreign accent that was telling me, basically, too bad, we can not adjust your payments and interest rate...yet. I will be notified by mail if a special rate opportunity comes around. Hello! Its GM, I am not holding my breath, they are hemorraging money in the wrong direction these days. By now, I am in tears, and I blubber something about their program and he transfers me (eagerly, I am sure, are there any guys that want to reason with a crying woman?) to a harder to understand woman who was very understanding. :)
My main concern was that my interest would continue to accrue at 30.99 percent while the account was on this program. Nope, only increase would be the monthly charge. There were a few other stipulations, like I could not charge/use the card - but I don't use it anyway, and the program lasts 18 months (I just need to get through the winter!). I am MUCH calmer now. This is sounding too good to be true. So I decide to ask her, "why?". What is in this for you? type question. They want to keep their good customers in these hard times. Are you buying that? It sounds good. But I am not sure. She didn't sound like she was reading from a script, like she had for most of the conversation (that drives me nuts too and is part of the reason why I asked her that question). Gee, this is all going so well, and she is so agreeable! So, what the heck, I asked her if she could reduce my APR....alas, I hit another wall. Hey, it never hurts to ask, twice. I hung up feeling like a huge weight had been lifted. I will get the fine print in the mail soon and have 30 days to change my mind or cancel the program at any time. *deep breath*
I have to get something to eat and go to knit knight. I feel SO much better and I will certainly sleep well tonight.
Next time: Regarding the no spending vow I made.
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