Lower Your Credit Card Interest Rate...
Could it be? I had to try it... That is, negotiating credit card APRs. A dear friend of mine is a bit more in debt than she'd like - actually, alot more. I spent 20 minutes this morning calling four of her credit card companies to negotiate lower rates...what a worthwhile chunk of time. Here are the stats:
1. First call - Lowered the APR from 19.5% to 15.5% (Still not attractive, but better.)
2. Next - Lowered from 16.4% to 11.4%.
3. Unable to connect w/account manager - awaiting return call.
3. Last - The whopping 28% rate dropped to 9.9%. (Of course the 28% was ludicrous, and made it nearly impossible to pay anything more than interest...)
Now my friend can make a better judgement on which to keep and which to cancel...and move closer toward being debt free. She has wanted so badly to make a change, but going up against these companies can be a daunting task.
If you have a balance on one or more cards - and haven't yet called to get it lowered - JUST DO IT! It's time well spent.
Also, you can negotiate your rate every 6 months, so write it down, and keep doing it! Good luck, and share any encouraging stories.
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