How to Get Rid of Finance Charges

When you start to get a little behind on your bills, the first thing you’ll notice is that the finance charges quickly add up. It doesn’t take much time for your finance charges to become almost as much as the bill! (or at least that’s how it seems)

Believe it or not, you may be able to get away with not paying the finance charges at all. Credit card companies and loan officials don’t want you to know this, but…..they don’t really loose anything by writing off those finance charges. In fact, in most cases it’s a write off for their company. So, the next time you’re faced with finance charges that you don’t want to pay, try some of these suggestions. By knowing how to get rid of finance charges, you could potentially save yourself a lot of money.

Ask to Have the Finance Charges Removed

This may sound too good to be true, but it absolutely works. If you have had a good payment history, and are an established customer with the company, chances are you can have the finance charges removed by just asking. Yes, it’s true. Just call the company and explain that you are in a bind. BE POLITE! Request that they waive the finance charges this one time, and if the person on the phone says no, ask to speak with a supervisor. Don’t give up until you have spoke with the supervisor. You’ll be surprised at how far a little kindness (and good credit history) will get you.

Keep Making Your Scheduled Payments

It’s been said that nothing ever goes away by ignoring it, but…..sometimes that’s not true. There are times when a company will just be happy to receive the principal amount, and won’t press the issue of finance charges. Just don’t pay the finance charges, but faithfully make your scheduled payment on the principal amount. Once you completely get the principal paid off, some companies will just write off the finance charges. Remember, they loose nothing financially by doing this, so don’t feel bad about it. They make plenty of money of the customers that don’t know how to get rid of finance charges!

Threaten to Transfer Your Balance

If tips #1 and # 2 don’t work, there is one final option. Threaten to transfer your balance to another company if they refuse to remove the finance charges. Hey, the big companies are suffering financially, just like the rest of us. They don’t want to loose you! It will benefit them financially to keep you happy, even if it means writing off the finance charges.