Renegotiate For Low Interest Rate

You Can Actually Renegotiate A High Interest Rate

If you have a credit card debt in the thousands of dollars and have an interest rate above 15%, what that means is that a large portion of your monthly payment is going to go toward the interest servicing.  And that again means that your balance will go down slowly which is very discouraging especially if you are still using the credit card .

The challenge of tackling a massive credit card debt can seem almost impossible at times.  When you look at the many bills rushing in each month and then you start going through that credit card bill, the idea of bringing the bill down can be overwhelming.  One of the reasons that makes the battle to win over debt seems so hard is the ridiculously high interest rates credit card companies are allowed to charge.

How often have you looked at the average interest rate that the credit card companies are charging you and thought, “I sure wish there was some way I could bring that interest rate to half or less”?  If you could just get that interest rate down under 10% or even lower, that alone would help you reduce the burden of repayment

There may be a way to actually get a credit card rate you can live with from the credit cards  companies. The problem may actually stem from the fact that you never ask.  It goes back to that old advice which says– “You don’t know until you ask.”  Sometimes, its most likely that if you call the credit card company and explain to them the situation, they might have the resources to negotiate a rate with you that you can live with and offer you the same services a credit consolidation company would offer. 

It’s good to take a moment and look at the world through the eyes of the credit card company.  They are in business to keep good customers who pay their bills.  For credit card Company, the worst kind of customer is one who is constantly late on their payments or doesn’t pay at all so they have to go through the expense of nagging those customers for the money. 

So rather than see you dump them or take your debt elsewhere like to a credit consolation service or a second mortgage, its better business for the credit card company to cut your rate and continue to make some money off of your debt.  Competition is just as intense for the good customers in the credit card world as it is in any other business.  So if you pay your bills and are the kind of customer these companies like, you have a bit of leverage with them that you may not have known you had.

Make sure when you call the credit card company to renegotiate your rate that you talk to someone who can actually change things.  And bring some clout with you.   Be prepared to cancel your credit cards or move your debt to another card or credit service.  If you let that credit card company know you are unhappy because of the rate, they will have some kind of program to keep your business.  They aren’t going to tell you about it but its there.  And if you are persistent and want it bad enough, you can get the credit card companies to play ball your way and give you a premium interest rate you can live with