Debt Help | Best Way to Lower Your Credit Card Interest Rates

Best Way to Lower Your Credit Card Interest Rates

Many people who are in debt search and wonder how they can get their credit card rates lowered, especially if they have cards with very high interest rates. Whether your goal is to reduce your debt, lower your monthly payment, or maybe even consolidate your credit cards, everyone would be happy with paying lower interest rates.

I recently missed a credit card payment, not because I didn’t have the money, but because I just forgot. (How many people have been in that position?) They called me the day after it was due, I explained the situation, and paid the money immediately. They didn’t care. My credit card interest rate went from 12.99% to 28.99% and my monthly payment increased by 66%! When you make a budget and are trying to stick to it while trying to pay off your debt, such an increase is brutal, let alone the amount of my monthly payment being applied to the principle was much lower. Can you feel the struggle?

So, I called them, explained the situation while apologizing for missing the payment. I told them that I had gone two and a half years without a missed payment and that I paid as soon as they told me about the overdue payment. That didn’t work. They said it would be about a year until they could lower my credit card interest rates.

So, I just gave up. A month or so later, I was telling my co-worker about it and she encouraged me to keep calling the credit company, and I’ll finally get someone who will lower my credit card interest rate. I didn’t believe her and I didn’t really try it. The next week, she asked if I called, and I told her I didn’t because it probably wouldn’t work, but she kept pushing that I should call… so I did.

And I only called once, and the lady I spoke with lowered my credit card’s interest rate! Not only did she lower my interest rate, but she made it lower than it was BEFORE I missed a payment (10.99%… a whole percent lower!). Plus, she refunded my late payment fee and the extra interest I paid in that month or so that it was at the higher rate! Can you feel the relief that I felt? I would have been happy with 23%, 19%, or 16%… anything lower than 28.99%!

Long story short… keep calling. You will get someone who is willing and able to help you reduce your credit card interest rate, especially if it’s a high rate. Don’t give up… if you have to wait a week and try again, do it! You won’t regret it!