HOW TO LOWER YOUR CREDIT CARD INTEREST RATES

One reason why so many of us are in debt is because of the high interest rates we are being charged by the credit card companies. When you are paying 18% or higher for your debt, it is very hard to make enough to pay off all that money you owe on your cards. In many cases, the rates are so high and the borrowed amounts are so high that barring being able to get debt relief grants from the government, there is little chance of being able to repay the money.

Is there a way to negotiate a lower rate? There is and while it is not guaranteed to work, it can work if you are persistent.

The first thing to do is to collect all those new pre approved credit card applications you get in the mail. You might get one of those a week or maybe even more. Wait until you get one that is offering an introductory 6 month or 1 year rate of 0% or something very low. Often times they will make that introductory offer to get your business and you will want to use that as a negotiating tool for the credit cards you do have.

Once you find one of the low interest credit card offers, give your existing credit card a call and ask for a manager. When you get him or her on the line, explain to them that you believe the interest rate you are being charged is too high. Tell them that you have in your hand an offer from one of their competitors for 0% or whatever much lower rate it is and that you are inquiring if they can lower your rate.

Of course what you are really doing here is threatening to close your account and move to the other card with the better rate. You are just implying it though and you never want to act upset or talk in a threatening manner. All you want to do is politely inquire whether it is possible, based on the other offers you are getting, to get a better rate yourself.

Usually what will happen is that manager will put you on hold and go speak to their manager. They will come back with an answer and some of the time you will be offered a lower rate. If so, you will have successfully saved yourself some money. If the answer is no, you can hang up and try again the next day or at another time hoping to get a different manager that will be more accommodating.

If you want, you can just make the switch anyway regardless of the answer to the new credit card with the better offer. Many people do this over and over but that becomes too much of a game of cat and mouse. The best scenario is to just get a better rate on your credit card. Debt relief is needed all over this country and you should do whatever you can think of that is legal to get better rates, pay off your bills, and get out of debt. Your future depends on it!