Scott On Money

If you are paying more than ten percent on your credit card balances you have to get the rate down. Your first step will be to try transferring your balance to another card with a lower rate, preferably 0.

You may have credit so damaged that you can’t get a new card. In that case call your credit card companies and ask to be put on a payment plan with a lower interest rate.

Credit card companies may well turn you down, but you don’t know until you ask.

Here are some points to remember:
• If you’ve been a long time member remind them of that.
• If you carry a balance and pay on time your are likely a profitable customer remind them of that.

As with all negotiations:
• Be polite, if the person you are speaking with has discretion you want them to use it in your favor.
• If you are not getting anywhere ask for a supervisor. The supervisor may be better able to help but the customer support person may not tell you that.

If you negotiate your rate down this will help you eliminate your debt much more quickly. Whether or not this works you should find a way to pay down your debt faster.

Good Luck!