Get Your Interest Rate Reduced

Credit card companies have several tricks up their sleeves and  for you to get out from under the bondage of debt (yes, it is bondage!), you cannot afford to play by their rule.

One of the ways you can get out of credit card debt quickly is by having your interest rate lowered and all you need to do is ASK!! Just pick up the telephone, call your credit card company(ies) and ask them to lower your interest rate. I have done it before.

Don’t let the recession we are in deter you from doing it. One of the people i coach recently had a 20.5% interest rate lowered to 12.9%!!! Just have it at the back of your mind that it is possible.

Now here’s how you can go about it:
Step 1: You must know the current interest rates on your credit cards.

Step 2: Shop around and find what competing cards are charging for interest.

Step 3: Use the telephone number at the back of your cards to call your credit card companies and say something like “Taking into consideration my repayment history, what lower interest rates are available on my account?”. Use competitor rates to negotiate your rate down. If you don’t get a favourable answer from the first manager you talk to, escalate your request up to the next manager. Be persistent. Don’t back down. Be polite, but firm. You need to convince this customer service agent that you are serious about taking your business elsewhere.

Step 4: If they flatly refuse, don’ty give up. Try again in a few months’ time. If you have other cards with other companies, go through the stpes above with all of them. You have nothing to loose.

Step 5: If you haven’t done so, set up your future payments to the card company to be made au­tomatically. Set the payment to be for a fixed amount which is slightly higher that this month’s minimum payment. That way you will never forget a payment and you will always pay more the minimum required

Step 6: Continue making additional payments anytime you get some extra money until the card is paid off.

If you are serious about your debt freedom you will surely obtain it but you need to do something about it yourself.

Believe and you will receive.

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