My wife and I just called the customer service department of a credit card company, only to find them "unable" (at the account manager level) to lower the 25% APR on the card. The guy went on to say that everything's been switched to automated with no ways for them to do anything about it and that the system "periodically" checks all accounts to adjust the rate accordingly (up/down (yeah right on the down...)). We did manage to get one month's finance charges waived, but on this balance that's not going to be much aid.
My wife and I would like to get a house in 1-2 years, and getting a lower rate on that debt would increase our likelihood of being able to do so. We make a good income and could definitely afford a loan payment.
- Would it be a good idea to get an unsecured personal / consolidation loan to pay off this company and thus reduce the rate (also, there's no chance we'll use the card after paying it off)?
- Will it have consequences regarding getting a mortgage?