How to Get Lower Credit Card Interest Rates And Get Out Of Debt Faster

If you have decided it is time to get on top of your finances, and finally took the time to sit down with them, you may have been disheartened, when you looked at your credit card balance. You notice that hardly any of your hard earned money is going to the balance, the interest is so high. So how do you lower credit card interest rates?

Lower Credit Card Interest Rates - You look in the fine print and find that the interest rate is in the double digits. It is just going to take too long to get this balance down. You couldn’t help that you had a bad few months, with the broken car, and the kids needing braces, so your balance racked up.

So now you are trying to pay this off, and the interest just keeps adding up. To lower credit card interest rates is not a big formula, it is not written in stone, you don’t have to put up with it. All you have to do is ASK.

This may sound way too simple. But these credit card companies don’t want to lose your business, especially if you have been faithful and made the payments every month. They are hoping you will just be too busy to deal with anything, but since you have decided to take a magnifying glass to your finances (which is a great start) then they will have to listen to your request.

How to Lower Credit Card Interest Rates - Make sure your credit report is in as good a shape as possible. It doesn’t have to be perfect, just make sure there is not any glaring reports of non payments etc. Once you know you are in pretty good shape, then take a day off work.

Yes, this means taking a vacation day or stress day or whatever. This is an investment in your financial business, and the money you could potentially save will make up for the day off or missed vacation day.

Now get yourself comfortable and be patient and phone the number on the back of the statement. After you get past the automated stuff, ask for a real live person. Tell them you would like to see your interest rate lowered. You may get an answer right away. I once did this expecting a fight, and 5 minutes later my rate was lowered 3 points. Or it may take bouncing around to a few people. Be patient.

Computers generate a lot of the figures, so by just talking to a live person, it makes all the difference. They will take a quick look at your payment record and see that you pay and will usually give you a deal. If not, then thank them for their time, get off the phone, and start checking out some other companies that have been sending you those ZERO interest for 6 months credit cards, and FREE balance transfers.

These new offers are from credit companies that want a piece of the pie. They will sweeten the deal with zero or low interest rates to get you to transfer, but are hoping you won’t notice when the deal expires in 6 months or a year and it heads back up with the interest rate.

How to Lower Credit Card Rates - Now get the new company to transfer your balance from your other high rate card. Now after that is done, phone up the old company and ask again. They will now notice that the balance has gone to zero and they don’t want you to cancel the card, so they will likely lower it.

But you are probably wondering, what is the point in that right? There is nothing on that card so why bother? Why not just say goodbye and cancel it?

If you think you can pay off the credit card balance in the 6 months or a year zero interest, on that new card, then go ahead and cancel the old one, but if you don’t think you will be able to get it all paid off, then you will now have your old card to transfer it back to.

This may seem like a lot of trouble, but this is your money. Think of managing your money as a business. Stop using that card and it will go down faster. Make the biggest payments you can on a zero or low interest card, and when it gets near the due date (for when the offer ends) mark that date on your calendar, and a couple of weeks before it, get your old card to take the balance back.

It should be a much lower balance now, as you have been faithfully making zero interest payments which means it all goes to the balance, so your old card company will take back the balance and at a lower interest rate until you get it all paid off.

That is just one way to lower credit card interest rates and get that balance paid off. How to Lower Credit Card Interest Rates don’t let these people bully you.