Why would there be ways to save money only if you owe alot on either a home or credit cards?

For example, I constantly see or hear ads offering to reduce interest or just plain cut the payments down for people who owe "at least" $125,000 or more on a home or if they have credit card debt of "at least" $100,000 or something like that. Now if "at least" some of the ideas are legit, then what about the people who owe $70,000 on a home or $900 on a credit card or whatever the case might be? Where are the deals for them? Why give deals to people who obviously were spending outside their means and new it and give nothing to the people who are just trying to survive a normal life with no extremes?

Update:

So far the answers seem good, but to tigger, you only mentioned credit card. What about the mortgage part? Keep em coming!

3 Answers

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  • Tigger
    Lv 7
    9 years ago
    Favourite answer

    You can't save money if you owe money on credit cards.

    You earn interest on money if you have it in a savings account but it is only like 1.5% now days.

    If you have a credit card balance you are paying a lot more than that, possibly 25%.

    The deals those ad are pushing are not going to save anyone money because they are just going to move the high credit card interest you are paying to the credit card company to themselves.

    Best thing to do is call your credit card company and negotiate with them for a lower interest rate. Then put every extra cent you have onto the payments. NEVER pay the minimum amount due, always pay more.

    People who live beyond their means and have gotten themselves into the credit card mess do not know what they are getting themselves into so they will not be able to figure out that these new offers are not any better...

  • 9 years ago

    To the extent possible, you too could get interest lopped off if you are behind and in trouble. Go to CredAbility (see them online), set up an appointment and see what they can do for you if you are in trouble. CredAbility is a free government service to help you deal with being behind on your bills. they will talk to your creditors and see if or how much they could lop off without your having to go bankrupt.

  • 9 years ago

    your very sad trying to get love over yahoo answers haha fatty

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