How to Lower Your Credit Card Rate (3:06)
Is your credit card debt keeping you up at night? Are your bills giving you high blood pressure, ulcers, headaches, or back pain? If money woes are affecting your physical health, it’s time to take back control of your finances. Nicole Lapin, a personal finance expert, shares the simple tips you can try today so you can save hundreds of dollars on your high interest rates and fees and breathe easier by tomorrow.
Negotiate Your Credit Card Interest Rate
One of the most important things you can do to make debt manageable is to negotiate any fees or rates. If credit card debt is piling up, call your credit card provider and ask for a lower annual percentage rate (APR), lower monthly payment, or lower fee. Inquire about the rates given to new customers and if it is lower than your current rate, ask for your rate to be matched or reduced. Point out any good records you have with the company, such as how you make payments on time or regularly keep a low balance. If initial conversations with a representative fall short, ask to speak with a manager and be clear that you are willing to walk away from the negotiating table. Companies will want to keep you as a customer instead of losing you to a competitor, by giving you what you asked for or more. To get the most out of your credit card company, negotiate up to twice a year, in the beginning and at the end of the year, and your efforts will definitely pay off.
Save Hundreds on Your Cell Phone Bill
Do you really know what you’re paying for on your cell phone plan? Analyze your monthly statements and determine whether you need to and should be paying for an extra phone line, a separate data plan, or international calling fees. As with your credit card bill, negotiate with a manager, research what competitors are offering and ask for any lower offers or for offers to be matched and be willing to walk away. The bottom line here is to look for any savings where possible and make sure you’re actually using what you’re paying for.