How you Can Lower Your Credit-Card Rate

"How you can lower your Credit Card Rate" headlines the personal journal section of the Wall Street Journal. This article makes it sound easy. Just call the card company and tell them that you are going to move your transfer your balance and take your business elsewhere.

This was the meat of this headline article. Well, unfortunately, that is not the whole truth of the matter. Yes, if you have a good credit score, you have options. If your credit score is the 700's there is no reason why you should be paying anything higher than 6% on a balance transfer. The programs are out there. Of course, be careful of the 0% transfers. Those are filled with loopholes.

Yes, you should call them and tell them you are going elsewhere. They don't want your business to go because they know you can move it with ease.

Unfortuantely, it doesn't work that way with a lower credit score. They know that a consumer with a lower credit score does not have transfer options. Thus, there is no incentive to do the consumer a favor.

So, if you are in that unfortunate situation, here are a few tips:

1) Go ahead and call and make the request anyway- you never know someone might just lower it for you and you never have anything to lose.

2) If not, tell them you are committed to improving your credit score and your interest rates. Ask them what needs to happen to lower your interest rates. Some companies will lower your rates based on future good credit behavior. Time ends up being the real cure when it comes to high interest rates!

Above all, never attempt to negotiate the balance of the debt. The only thing negotiable with a credit account that is current is potentially the interest rate. If you ask about the balance, they will consider you a risk and you might end up in collections with a charge-off. I have known that to happen.

Finally Regulators are Going After the Equity Indexed Annuity Market

I have said for many years that the equity indexed annuities are one of the worst products for investors on the market. They represent the epitimy of irresponsible marketing. Below, is a note from the COO of Allianz Insurance Company. They have made billions of dollars selling these irresponsible products to unsuspecting investors.

They are pitched as the solution to all problems. You can make stock market returns without ever losing your principles. The agents have been getting rich selling them with commissions as that are paid out as high as 9%.

This is a long time coming and much needed in an industry that needs more regulation.

Remember, if is sounds to good to be true it is to good to be true.

From the COO of Allianz


I want to inform you about a developing situation that is generating significant media coverage about Allianz Life Insurance Company of North America. Earlier today, the Minnesota Attorney General's office filed a lawsuit against Allianz for alleged sales of unsuitable deferred annuities to senior citizens.

We strongly disagree with these allegations. I want you to know that we are confident that we have complied with Minnesota law and will vigorously defend this position. In her press conference, the Attorney General stated that her office had been in negotiations with us. However, we made repeated attempts over the past several weeks to meet with the Attorney General's office to provide additional information that could have prevented this action and our requests were flatly denied.

We are communicating to the media that our annuities are high-quality products that serve a range of consumer needs. More than 99 percent of our annuity policyowners have never filed a complaint with Allianz - a consumer standard of which all of us can be proud. We value all of our distribution relationships and we are committed to supporting you and will keep you updated on this situation as it evolves.

Doug ReynoldsCOO

$ 8,680,224,380,086.18 Reasons Why Debt Should be Number 1

Truecredit.com commissioned Roper Public Affairs & Media to gauge Americans’ thoughts about New Year’s resolutions. Four out of ten that were surveyed chose losing weight and eating better as the number one resolution for 2007.

Debt reduction came in second.

It gets even better. 48% of those surveyed say that losing ten pounds would be very or somewhat difficult for them in 2007, while 31% say paying off all their credit dcard debt would be difficult. (According to the Press Release)

Denial has taken on a new meaning. Although surveys are a small representation of the opinions and feelings of a large population, it is in many ways representative of the biggest problem in this country. This is a country in denial. As of December 29, total debt in this country amassed $ 8,680,224,380,086.18. Yes that is trillions of dollars.

There was one other little interesting tidbit of information. The jump in debt from December 28th until December 29th was the largest jump on record. (www.minyanville.com)

Since September 2000, the National total debt has jumped 53%. Of that total, personal debt in this country for the same time period jumped 43%.

It just seems like everyone is living in a fantasy world where financial decision making has no consequences.

Maybe the rationale is less time at McDonalds means more money saved to pay off debt and less calories consumed.