- 1). Call your credit card company, and ask for a lower interest rate. According to an article written by Lucy Lazarony for Bankrate.com, 50 consumers called their current credit card companies in March 2002. More than half were granted the lower interest rate they requested.
- 2). Transfer the credit card balance to a company offering a lower interest rate if your current credit card company will not decrease your rate. If you make the same payments, but the interest charges are smaller, more of the money paid will go toward the principal balance.
- 3). Pay bills on time. Your mortgage company, the bank that provided your car loan and your other creditors can charge a late fee on top of the monthly amount. If you absolutely cannot pay on time, call the companies, and ask for an extension. This might help you to avoid that late fee.
- 4). Contact a reputable debt counseling agency. The Federal Trade Commission says that the agencies can contact the creditors on your behalf to establish lower interest rates and have costly fees waived as part of a debt management plan.
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