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Managing Your Debt

Ask Your Creditor for a Lower Interest Rate

Higher interest rates keep you in debt longer because so much of your payment goes toward the monthly interest charge and not toward your actual balance. However, interest rates can be negotiable, and you can ask your credit card issuers to lower your interest rate.4 Creditors do this at their discretion, so customers with good payment histories are more likely to successfully negotiate lower rates.

You may be able to find a lower interest rate by seeking out promotions. If you use a balance transfer to get a lower rate, try to pay off the balance before the promotional rate expires. After that promotional period, your balance will be subject to higher interest rates.

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