If you're facing credit card debt, you know just how difficult it can be to make any real progress. There are many reasons for this, including a high interest rate that continually adds to your debt.
- Contact your credit card company. This is step number one, as there are times when simply asking for a lower interest rate is all it takes. This is particularly true if your rate was recently increased, perhaps as the result of a late payment.
- Research competing credit cards. When chatting with your credit card company, mention competing offers that provide a lower interest rate. You want your provider to know that you have the opportunity to save by making a change.
- Consider a balance transfer credit card. If you have more than one credit card with a high interest rate, transferring all your debt to a single card is a great way to save. Not only does this cut back on interest charges, but it allows you to remain more organized.
There is no guarantee that these tips will help you negotiate a lower credit card interest rate, but each one should move you closer to your goal. Your credit card company may be willing to work with you to ease your credit card debt.
In the event that a lower credit card interest rate won't have a positive impact on your debt or finances, it may be time to look into a bankruptcy filing.