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Find how to reduce interest rates on credit card debt and other debts.

It is possible to reduce the interest rates on your credit cards as well as another forms of debt. The process involves in contacting your lenders yourself and/or using the services of a credit counseling agency. Surveys show that between 50-60% of people who request a lower interest rate on their credit cards receive one.

In today’s challenging economy, banks are more willing than ever to be flexible with their customers and may provide assistance with credit card debt. This includes waiving fees, offering short or long term interest rate reductions, and providing other solutions. Many people have had success.

The process can be easy. In order to reduce their interest rates they just simply called their credit card company and asked for a lower interest rate. They may have to ask for a supervisor as well as present the lender information on why they are facing a hardship. When successful, 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, which shows a good faith effort on your part. 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 of various banks and lenders, compare the credit card interest rates, find the best terms, and keep records. This is needed for competitive reasons to show what other offers are out there. Document this. Then, call your credit card company.

Ask the credit card company for a reduced interest rate. Or ask them for any other debt reduction plans they may offer. You need to mention the lower rates that you have discovered in the research above and have been offered. And do not just mention the introductory rates that are available 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.





There are certain key words and verbal arguments to make as well. Here are some effective scripts you can use with the credit card company to get them to reduce your interest rates. Note every percentage point reduction can help the borrower pay off their debts in less time.

Do not hesitate to repeat the cycle. If they do not immediately lower your interest rates, make some additional payments greater than the minimum. Then also look more aggressively into using a competitor. Then just try again in a couple months asking for a lower interest rate.


By Jon McNamara

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