Credit card issuers aren’t the only ones negotiating with consumers these days.
As consumers seek to tighten the purse strings, pay down debt, and put some money into savings, many have chosen to cut back on services such as gym memberships, premium cable, and telephone options.
Some are opting for less service, and others are discontinuing service altogether.
But it turns out these are not the only options available. Because cable and phone services are considered a luxury for many, these are among the first services to be cut when budgets get tight.
These companies, reeling from the impact of the failing housing market and the absence of new customers coming into their market areas, are now willing to negotiate in order to hold on to existing customers.
Alex Dudley of Time Warner Cable told the Wall street Journal “the key is to hang on to every possible customer right now – they are our lifeblood.”
These companies are not advertising their willingness to negotiate, but as a consumer it is in your best interests to call and ask. Request a lower rate or discuss putting together a different package and dropping the parts you don’t need. While you’re at it, call your provider’s competitors to see if they’ll offer a better rate for the services you want to keep.
A growing trend has been toward dropping land-lines and relying solely on cell phones for communication. For many, it makes more sense, since cell phone packages often include toll-free long distance and/or allow customers to call other customers with no reduction in available minutes.
Remember that you can also negotiate with your credit card companies. If you’ve been a good customer, they may be willing to reduce your interest rate and/or increase your credit line rather than lose your business.
Paying down debt is the wisest move in today’s economy – and every dollar you don’t spend on unneeded services or interest payments is a dollar you can use to reduce your debt. You may have to invest a few hours of phone time to accomplish the reductions, but that will be time well-spent in the long run.
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