How to reduce interest rates on credit card debt and other debt.

It is possible to reduce the interest rates on your credit cards and other debt. Surveys show that between 50-60% of people who request a lower interest rate on their credit cards or other debts receive one. And in today’s challenging economy, banks are more willing than ever to provide assistance with credit card debt. To reduce their interest rates they just simply called their credit card company and asked for a lower interest rate. And the new rate they were provided was from 5 to 10 percent lower than their current credit card interest rate.

 

 

Steps to reduce interest rates

You will improve your chances of receiving a lower interest rate if you take the following steps or if you meet the following conditions.

• Do not just send in the minimum payment each month. Send in larger monthly payments. You may need to pay more than the minimum payment for a few months.
• You have a good payment record with the creditor.
• You have an above average credit rating.

You then need to take some time and conduct some research. Keep the credit card offers you receive in the mail, visit the websites credit card issuers, compare the credit card interest rates, find the best terms, and keep records. Document this. Then, call your credit card company.

Ask the credit card company for a reduced interest rate. You need to mention the lower rates that you have discovered and have been offered. And do not just mention the introductory rates but also the permanent lower interest rates. If the creditor or credit card company pushes back, you should threaten to transfer the balance to a competitor.

Here are some effective scripts you can use with the credit card company to get them to reduce your interest rates.

And repeat the cycle. If they do not immediately lower your interest rates, make some additional payments greater than the minimum, and try again in a couple months asking for a lower interest rate.