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How Do I Lower My Credit Card Interest Rate?
By Ashley Russell on April 29, 2011

94773_9730-(1).jpgCredit card interest rates are often the culprits for the debt problems of individuals. If a balance on a credit card cannot be completely paid down then interest rates can very quickly multiply the overall amount of money owed. Individuals can end up paying hundreds in interest fees without paying off the actual debts. Lowering these rates can be key to controlling an individual’s debt, and their hopes of eventually becoming debt free. Here are some tips that can help individuals reduce their interest rates.
Just Ask! Believe it or not, just asking over a short phone conversation can significantly lower your interest rates. In order to do this just gather your information, bills, bank statements and other relevant documents. Then make the call and directly ask for someone who has the power to change your interest rate. This may take navigating several different automated menus and a couple different levels of employees but just be patient. When the person who deals with interest rates becomes available to talk to, explain the situation and ask for a rate that is reasonable and would be more helpful in making payments towards the debt. Remember, while credit card companies do want to charge some interest to make a profit, they also don't make a profit if individuals cannot repay their debts.

Another popular option is balance transfers. This is where another credit card company offers a special rate to for individuals to move their line of credit this other company. This can save hundreds of dollars in lower interest fees because they will often offer fairly low rates to entice consumers to switch. It is important to remember that these are temporary rates! Just because the interest rates are lower doesn’t mean that the credit should be used generously. Instead, this will give each individual a time frame to pay off as much debt as possible with these lower interest rates. Once the special rate expires, be aware of credit spending to make sure to avoid falling back into debt. As with any financial decision, be sure to read all of the terms of a balance transfer because there are always scammers out there who will try to take advantage of unaware consumers.
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