It’s The Good Advice That You Just Didn’t Take

by Mike Dang and Logan Sachon

Logan: Big week for me, Mike. I finally paid you back the $20 I borrowed from you so I’d have enough to pay my therapist two weeks ago (he loved that) (actually he hated that).

Mike: Haha. Yes, I told you that you didn’t have to pay me back that money, but you insisted on it. Which I think is good! Holding yourself accountable for things and all.

Logan: Yes, well, having an outstanding debt for money borrowed to pay a therapist with whom to talk about one’s debt seems … problematic. I pay my therapist in cash, by the way, so that it will feel like real money. This was his idea. It’s a good idea. Also so he won’t worry about my checks bouncing. Also his idea. Also probably a good idea.

Mike: So, the other day, I was in the room with you when you called your credit card company and insisted that they reimburse you for a returned payment. I was so glad you did that! And the interest rate on that credit card is killer, and you asked for them to lower it, which was also great!

Logan: I think “insisted” might be a really strong word there, Mike, but I’ll take it. I really really reallllllllllly hate calling customer service. I mean, everyone does, obviously. Last time I had to call the credit union (last month) I emailed them instead, which is less effective. Or at least didn’t inspire the lady who got my email to reverse some ATM fees based on … me wanting her to reverse them.

But yes. I called the credit card customer service line and asked them to reverse that fee and they did! The main purpose of the call, though, was to ask for a lower interest rate. I had done some ill-advised and day-ruining math and realized that I paid $1,000 in payments to this credit card last year, but my balance only went down $500. Meaning I paid $500 in interest. AHHH. So I called the credit card company and I asked to have my interest rate lowered. I was a little bit in shock. And really grumpy. And you were like, “That is how interest works.” And I was like, “I know! But I forgot!”

Mike: And after the call, I misheard you, because at first, I thought that you said you convinced them to lower your interest rate by 3 percent — which isn’t something to scoff at! But what did they do for you really?

Logan: They lowered it by three QUARTERS of a percent. Which is not even worth me doing the math to figure out what that will be “saving” me each month. I thanked her profusely anyway.

Mike: And then you hung up the phone! That was the first thing they put on the table, but I think you could have pushed back on it and convinced them to lower it even more. We sort of talked about the strategy before you called — how you could have told them that if they didn’t lower the interest rate, you would transfer the balance to a lower interest rate card and close your account (and you didn’t have to actually follow through on this — just threaten to do it, basically).

Logan: I know, I know and then I used all of my energy just, like, dialing and trying to get them to find my account, and I took their first offer. Their first, generous, three-quarters of a percent offer. Credit cards are terrible. Don’t ever use them. Wish I’d learned that lesson the first 480238490284 times someone told it to me. I think I’ve got it now, though. Pretty sure.

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