4 Steps to Lower Your Interest Rates

Credit cards and loans can be important assets in our lives – they help us get an education or build trust with banks for larger purchases like homes.

But high-interest rates can mean danger. If you can’t keep up with payments, the mounting debt can feel suffocating.

But high interest doesn’t have to be a nail in the coffin; there are many methods to getting a lower interest rate.

How to Lower Your Interest Rates

1) Call Your Lender

Yes, it’s that simple! You can negotiate a lower rate by calling your credit card company or loan lender. With this method, most people who try are successful. This is the most straightforward option, and it’s often overlooked.

If there are several cards that you’d like to negotiate, start with the one you’ve had the longest. Starting with your oldest debt or line of credit might work best since they’re more likely to trust you.

2) Negotiate

The more ammo you have ready before picking up the phone, the better. When it is finally time to call, remember: being polite is key.

You’re asking your lender for a favor, and no one wants to help someone who is rude or demanding. Be kind and remember the person on the other line is just doing their job.

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