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Exxon. Big oil. Made billions in profit, still making large profits. Hate ‘em, love ‘em. It makes no difference, you still have to put fuel in your tank to get to work, the store and take the kids to school. This is probably the only time I will brag on them.
Recently I received a letter from Exxon about my gas credit card account. They are offering me a chance to reduce my outstanding balance by up to $550 in four months. All I have to do is make larger than normal monthly payments for four straight months, not use the card and not be late. Simple, doable and worth the effort. I of course agreed to their deal and have already made the first payment! If I make only the minimum, no reduction, small extra equals small reduction.
Why can’t other credit card companies do this? Why do they insist on FULL payment? They will sell your account to a collector for pennies on the dollar if you fall behind, but will they do that for you? Sell you your own account or in other words, allow you to pay it off for a reduced amount? Not likely and the last time I had some cash to do it with and asked, they absolutely refused to even consider it.
Now along comes Exxon with a deal that they offered to their customers, not the other way around. Kudos to them. If they offer you the same deal, I advise you to somehow take it. Sure I (and you) may have to scrimp on some other areas to find the extra to send them, but the payback is huge! Not only is your balance reduced by the extra payments but in the end they cut it even more. To me this is a win win and after all the set backs I’ve had over the last few years, I need one.