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May 21 2012 12:00AM


How can I get credit card companies/loan companies to reduce my interest rates? I want to pay off my debt so I can breathe.


Lowering your interest rates on your credit cards should always be a goal on any borrowed monies. Unfortunately, the lender does not legally have to lower the rate just because you ask, and a lot of time doesn’t, but it doesn’t hurt to try. The lender will look at your past history on payments and length of time as a customer to make a decision on your request. Usually the best way to start the process is just call and ask the person on the other end of the line. Explain to them that you are having trouble making the payments and your budget is being stressed. You might have to ask for the supervisor or try back an additional couple of times. Again, it is their decision, but hopefully they want to keep you as a customer and are able to help you. You might ask for at least lowering it for six month or so and see how it goes.

As far as credit cards go, I would suggest stop using them immediately! Many people find themselves being overwhelmed with debt because of them. Be sure to fill out a saving and spending plan every month so you can make sure you are not spending more than you have coming in and have to resort to the dreaded credit cards.

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