Debt Consolidation Loans

How to Lower Your Interest Rate

Has your credit card debt gotten out control? Do you need to lower your interest rates?

Life just seems easier when you have a credit card or three in your wallet. Or is it? That depends on how you look at it. They do make it easier to get what you want or need now. But later, when your cards are maxed out and your interest rates are skyrocketing, they begin to lose their luster.

Late charges and penalties keep adding to your balance, and it seems as though you’ve been sucked into a black hole with no hopes of escape. And then, out of the blue and for seemingly no reason, your credit card companies raise your interest rates again. The hole gets deeper.

There are steps you can take to lower your interest rates, reduce your monthly payments and get out of debt faster.

Credit card companies have a practice of raising your interest rates when balances on other accounts you have get too high, or when you have made late payments to another creditor. It is called universal default, it is in the fine print of your contract, and it is treacherous. Universal default will not only raise your interest rate, but may affect your minimum payment as well as your credit rating. You need to take action.

Call your credit card company and ask for a lower, more reasonable rate. The worst they can say is no. But, if you never ask, you can be sure they will never offer. As long as you are happy to pay outrageous interest rates, they will be more than happy to take your money. Success may or may not happen with your first attempt. If it doesn’t, keep trying. Call at least once a month, until you get what you are asking for, or can take your business elsewhere. In the meantime, pay all of your bills on time and start reducing your credit card balances.

Store credit cards almost always charge a higher interest rate. If you are carrying a balance on one, transfer it to one of your major credit cards with a lower rate. Avoid the temptation to take a cash advance on a card to pay off balances. Credit card companies often charge higher rates and surcharges on advances.

Start today, and within a few months you should be able to lower most of your interest rates and finally begin to get out of debt.

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