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Lower Credit Card Payments

By David Pilley on August 27, 2010

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Let’s face it. You probably have numerous different bills, paying for a multitude of services. A certain amount goes to electricity, while another number will pay for water, and an even larger amount of money pays your mortgage, etc. Credit card debt can affect the budget you already have for the necessities, especially if your payments are increasing. This article will list some of the ways you can lower your monthly credit card payments.

The simplest thing you can do to lower your payments is make your payments, and pay them on time. Missing a payment or making a late payment will force you to pay late fees, which can be several extra dollars per card. If you have numerous late payments on numerous cards, the debt can be crippling.

If your card has an annual fee, consider eliminating that fee. An annual fee is a yearly payment you make just to have the card. If the annual fee is higher than the amount you pay for interest each year, you should call your creditor and ask to get rid of the annual fee on your card.

Speaking of interest, you can try to get a lower interest rate on your card if you are seeking lower monthly payments. Just like with eliminating the annual fee, you can call your creditor and ask for a lower interest rate. This might not be given immediately, however, and you might need to make a few monthly payments over the minimum. (The minimum monthly payment on your credit card is the amount of monthly interest plus a small percentage—most often 1%— of the card’s balance.) If you are able to do this, your creditor will see financial strength, your credit score will improve, and your creditor will be more likely to lower the interest rate on your card so you can make lower payments in the long run.

Another way to get a lower interest rate is to transfer your card’s balance to one with a lower rate. Again, this might hurt in the short run, as you might have to pay a transfer fee, but in the long run your interest rate will be lower (if it has a fixed rate) and you’ll be making a lower monthly payment.

There is no easy way to immediately lower your monthly credit card payment. If you need financial assistance, you can contact a credit counselor. Make sure he/she is accredited, and he/she will help you create a feasible budget to lower your credit card payments in the long run.

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