Tips for Lowering Your Credit Card Interest Payments
Living from paycheck to paycheck can really take its toll on you, especially if you're already feeling overwhelmed by ever-expanding credit card debt.
This is only made worse by the ridiculously high interest rates you usually have to go through before you can get to the actual payment itself.
It's not like the banks that issue those cards in the first place are helping in anyway.
Luckily, the Credit CARD Act of 2009 is doing us a favor in regards to arbitrary interest rate hikes, but don't think you're completely out of the debt woods yet.
If you really want to make some headway on finding real debt relief and start fixing your credit mistakes, the first thing you'll want to try and work towards is getting the balance on your credit card down to no higher than 30% of the available balance.
If you live by that rule, and already have good credit going for you, there is absolutely no reason you should keep paying inflated interest rates that the rest of the lowly plebs who can't keep their finances in check are shackled with.
But how do you get the banks to agree with you? Give 'em a call.
It's sometimes as simple as that.
You see, your bank knows that you have other options - if you're unhappy with their policies and rates, you can just as easily pack up and jump ship to another firm that will be more willing to work with you.
Before you pick up the phone though, make sure you really do hold all the cards by following these quick tips: · When suiting up for battle, make sure you have your financial records (you do keep some on your own, right?) on hand, as well as any other important account information as well.
Even though banks are generally willing to work with you, assuming you're proving yourself financially worthy by keeping up on your payments, they'll often be pretty reluctant to lower your rates, and may fire off any number of reasons they won't.
Having your records on hand to show you've actually been up-to-date on all accounts will help tip the scales in your favor.
· Chances are you might not get the reduced rate you want on your first try (like I said, banks aren't willing to part with such a good source of revenue so easily), so if you don't get the results you want on the first go-around, try again.
They'll have probably kept records of your requests, but persistence pays off, and when the outcome is more money in your pocket, you have every reason to keep calling.
· Earlier I mentioned that getting your interest rates can be as easy as calling your bank and asking for a reduced rate.
After all, they ultimately know that if they're not working out for you, you can just as easily take your money and business elsewhere.
If you're going to play that card in your negotiation though, be prepared to play the hand if it comes to it.
After all, if your credit is good enough to warrant a lower APR, but your current bank won't admit to it, there's a good chance another one will.
If you're not satisfied with your current rate, don't be afraid to take your business to someone who deserves it.
This is only made worse by the ridiculously high interest rates you usually have to go through before you can get to the actual payment itself.
It's not like the banks that issue those cards in the first place are helping in anyway.
Luckily, the Credit CARD Act of 2009 is doing us a favor in regards to arbitrary interest rate hikes, but don't think you're completely out of the debt woods yet.
If you really want to make some headway on finding real debt relief and start fixing your credit mistakes, the first thing you'll want to try and work towards is getting the balance on your credit card down to no higher than 30% of the available balance.
If you live by that rule, and already have good credit going for you, there is absolutely no reason you should keep paying inflated interest rates that the rest of the lowly plebs who can't keep their finances in check are shackled with.
But how do you get the banks to agree with you? Give 'em a call.
It's sometimes as simple as that.
You see, your bank knows that you have other options - if you're unhappy with their policies and rates, you can just as easily pack up and jump ship to another firm that will be more willing to work with you.
Before you pick up the phone though, make sure you really do hold all the cards by following these quick tips: · When suiting up for battle, make sure you have your financial records (you do keep some on your own, right?) on hand, as well as any other important account information as well.
Even though banks are generally willing to work with you, assuming you're proving yourself financially worthy by keeping up on your payments, they'll often be pretty reluctant to lower your rates, and may fire off any number of reasons they won't.
Having your records on hand to show you've actually been up-to-date on all accounts will help tip the scales in your favor.
· Chances are you might not get the reduced rate you want on your first try (like I said, banks aren't willing to part with such a good source of revenue so easily), so if you don't get the results you want on the first go-around, try again.
They'll have probably kept records of your requests, but persistence pays off, and when the outcome is more money in your pocket, you have every reason to keep calling.
· Earlier I mentioned that getting your interest rates can be as easy as calling your bank and asking for a reduced rate.
After all, they ultimately know that if they're not working out for you, you can just as easily take your money and business elsewhere.
If you're going to play that card in your negotiation though, be prepared to play the hand if it comes to it.
After all, if your credit is good enough to warrant a lower APR, but your current bank won't admit to it, there's a good chance another one will.
If you're not satisfied with your current rate, don't be afraid to take your business to someone who deserves it.
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