Cutting interest rates

[asjr]

I received a phone call from out of the blue asking me if I wanted to cut my interest rates on credit cards. I said, yes of course. It is a firm called American Financial out of Orlando. I listened for a while and they said they could get my interest rate down to about 6%. That sounds a lot better than the 25 and 28% I am now being charged. Has anyone here ever heard of this firm? I kept telling them I needed to speak with my son about this. They were insistent I make a decision now and authorize them to charge a "processing fee" of $497.00 to one of my cards. I don't know if this is a scam or not. I would not give them my SS#. I certainly do not know how they got my phone number. Any help you can give me would be appreciated.

[LynneSin]

1. DO NOT DO THIS

The fact that they want to charge you $500 to lower your interest rates should be the first sign that you should run like the devil from this offer. The $500 they charge you would probably offset any savings from the lower rate.

If you have any issues with resolving outstanding credit look for one of the non-profit credit counseling groups in your area. The non-profit groups can help consolidate your debt and will not charge you any money for the process (hence - they are non-profit).

I would also suggest you register your phone number on the national "Do Not Call" phone list. This is nothing more than a telemarketer that probably has a list of people who have credit cards with high interest rates. It's an easy list that any telemarketing company could purchase

[asjr]

3. I thought this was too good to be true.

I needed that information. I was on the do not call list. Evidently the list is out of date. Thanks.

[LynneSin]

4. You must renew your number on a yearly basis

I had to redo the renew for my parents

[Gormy Cuss]

6. Every 5 years, not annual.

Most of the country's registration expires this fall. Those of us who were uploaded from state lists fell off earlier.

Any break in phone service ends the registration too, so for example a seasonal disconnect for snowbirds would mean re-registering when the number is reactivated after winter.

I've known a lot of people who forgot to register a new number when they moved and were deluged with calls.

[NewJeffCT]

2. it's a scam

there are legitimate not-for-profit companies out there that will help you with credit card debt... this is not one of them.

[AllegroRondo]

5. SCAM SCAM SCAM

when in doubt, ask them to send you their information by mail. Any real company will have no problem doing this.