Credit Card Debt Management – How To Lower Your Interest Rate

The first thing many people do to get out of debt is call financial planners, lawyers, or even debt management companies...

Now those can all be helpful but plenty of folks don’t know they can get a lower interest rate on their credit cards just by asking for it!

First Let’s Look At How Credit Cards Profit

The obvious way is through interest and late payment fees. Even still, you’ll find many people who pay their balance off each month and don’t get charged any interest or fees.

Does the credit card company still make money from them? Of course!

You see, even if you pay your balance each month, your credit card company still makes money from the businesses that you transacted with! Not to mention that, statistically, even people who pay off their balance will have a late month here and there.

So, it’s always in their best interest to “bend over backwards” a bit to keep you as a customer.

Before You Call Up And Ask Them To Lower Your Interest Rate

As I said before, you can call up customer service and just ask them to lower your interest, but it’s better for you to have these things in place first:

Keep in mind: Make sure you have NO late payments or penalty charges for the last 6 months!

Work yourself up to this if you need to, then give them a call and straight out ask for a lower rate. They’ll be glad to do it (to keep you as a customer!) as long as your 6 month history is clear!

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