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Getting a Better Rate on Credit Cards
Are you Paying Eighteen Percent or Higher on your Credit Cards? I recently saw a program on Canadian TV about calling your credit card company to reduce interest rates on credit cards. I have several credit cards on which I pay around 19% interest and I decided I would give it a shot. I was ready to face a whole bunch of objections, but was pleasantly surprised. The Customer Service Representative acted like she was waiting for my call. My interest rate was immediately reduced to 11.5%. The annual fee on the card was reduced to $35.00 from $120.00. I believe you could do this if you have good credit and been a long term customer with the credit card company you are dealing with. I continued to call the other credit card companies, and have ended up with reduced rates on all my cards. If you are struggling with high interest on your credit card, give this a shot. You may be pleasantly surprised and there is no harm in trying. If the Customer Service Representative refuses to change the rate for you, you can ask to speak to a supervisor who may be able to help. You may also want to tell them that you will be cancelling the card and going with another provider. If you are not able to get your rates reduced, you can try to consolidate your debts. Talk to your bank and use your home equity to get a line of credit or a second mortgage at a lower rate of interest than your credit card. This will help reduce your debt load. If none of the above works, try credit counseling. It’s the best way to considerably reduce your monthly payments and get you completely out of debt in the shortest possible time. In addition it will reduce your stress and give you peace of mind. There are many Credit Counselors that can help resolve your problems by working directly with the Credit Card companies on your behalf. Find one you can work with and who can best help your situation.
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Contributor's Note
If you need more information on credit counselling you can visit http://www.cashin102.com for some recommended companies.
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