Have you got yourself into too much credit card debt? This is actually very common. It’s so easy for this happen. But now that you have it, you need to deal with it. Let’s take a look at how to lower credit card debt.
You can contact a financial advisory company to negotiate your debt. This does work but can be costly. Instead, you can negotiate to lower your interest rates by calling the card companies yourself. It doesn’t cost you anything to call. Here’s what you need to do.
- Collect all your credit card statements. Make a list of all your outstanding balances, interest rates, and your payments for each credit card.
- Call each of the card companies and tell them you have too much debt and need assistance. Trust me. They are more willing to work with you than you think. They want to get their money back. Credit card companies lose money when people go into bankruptcy because they don’t typically get their money that’s owed to them. So, helping to be a part of the solution from stopping bankruptcy is in their best interest.
- Ask them to lower your interest rate. More often than not, the credit card representative will do this for you.
- After doing this for each card, don’t worry if you didn’t get every one of them to lower their rates. The fact is, you can call again the next day and get a different person who may be willing to help you. It sounds strange but it can really come down to the person who answers the phone.
- Guess what you do if you still haven’t lowered all your interest rates? Keep calling. It may take five or six times for some cards but it will be worth the effort.
Once you’ve got all your card companies to lower your rates, you can now get them to fight for your business. If you have room enough on one credit card to pay off another card or two, you can really have some fun.
You will need to get a copy of your credit report before doing this very powerful debt reducing step. You need to know what your credit rating is and if there are any collection agencies on their. If your score is above 580, this idea will work great.
What you do is call the card company that you have some credit available and one that you’ve always made timely payments on. Tell them you want to bring all of your other card debt to them. Next, ask if they will give you a low rate for 6 to 12 months on the transferred balance. If your credit rating is above 580, they will jump at the chance to steal business away from their competitors.
What they will do is send you checks that are attached to your credit card to pay off your other cards. When this happens, you can get rates as low as 2%.
Believe me. You can lower credit card debt. Follow what you’ve just read and you will be in far less debt and will have smaller monthly payments in no time!