How To Renegotiate A Loan When Your Credit Improves
If you've improved your credit score, you may be able to renegotiate your loan rate and terms with your lender. Find out how to renegotiate your loan.
Delinquency rates are currently at record lows as more and more consumers pay off their credit card debt. But with payment deferral programs starting to expire, delinquency rates are rising once again. Individuals are now facing the problem of having to pay off their credit card debt in a very limited time frame. If you’re one of these people and are struggling to pay off their credit card debt, you can try changing your credit card billing due date to get a little more time to pay it off.
There are usually two ways that you can change a credit card billing due date: via telephone or online.
Depending on your credit card issuer, you may or may not be able to change your credit card billing due date. Below we’ve discussed some of the main credit card issuers in Canada and how you can change your billing due date with each.
American Express used to provide clients with the ability to alter their billing cycle dates, however, they no longer let you change your credit card billing due date. The reason they no longer offer alternate statements and billing dates is due to the way they calculate the rewards, interest rate and payment due dates.
To change your credit card billing due date with Desjardins, you can call them at 514-397-4415 or 1-800-363-3380. A customer service representative will help you change your invoicing cycle.
To change your credit card billing due date with TD, you can call them at 1-800-983-8472 or visit your nearest TD Canada Trust branch.
There are three ways you can change your credit card billing due date with BMO. For one, you can call their customer service centre at 1-800-263-2263. They will walk you through the process of changing your billing due date. Another option is to contact them through your online banking account. To do so, simply go to “My Messages” and click “Send a Message”. There you can craft a message to request a change to your credit card billing due date. Lastly, you can visit your nearest BMO Bank of Montreal branch. You can book an appointment with your branch by going to your online bank account under the “Book or Manage Appointments” tab.
To change your credit card billing due date with CIBC, call them at 1-800-465-4653. One of their advisors will help you change your billing date to one that you prefer. However, do remember that the change won’t take effect for two billing cycles. As such, you’ll still need to make your credit card payments (at least the minimum balance) by your original due date to avoid any late fees.
Depending on your financial institution and the reason why you want to change your credit card billing due date, there are two directions you can take.
If you switch your credit card billing due date to match the date that you pay your other bills, you will have an easier time tracking when you have to pay off what you owe. Moreover, by having your bills land on the same, you won’t be tempted to use your money on other things, since you’ve already used it to pay your bills.
On the other hand, if you’re having a tough time keeping up with your bill payments, spacing them out might be helpful. Spacing out your bills can lessen some of the cash flow strain you may be experiencing. For example, if all your bills come up to $1,500 a month, it may be easier to pay it by splitting your payments, especially if you receive your paycheck bi-weekly or bi-monthly. That way you can make regular roughly even payments instead of having to make one or two big payments a month.
Find out what you should do if you maxed out your credit cards.
There are several things that you should consider when changing your credit card billing due date:
If you’re having trouble paying off your credit card by the billing due date, consider changing your credit card billing due date to give yourself a little more time. Many credit card providers allow you to change your credit card billing due date, and all you have to do is contact them. When considering changing your credit card billing due date, think about making automated payments and keeping your credit card billing due date in line with your payday so you can pay off your debts before you start spending money elsewhere.
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