Learn how to get a premium interest rate that you can live with. If you have a credit card debt in the thousands of dollars and that interest rate can get above 15%, that is going to mean that a large portion of your monthly payment is going to go toward the interest.
If you could just get that interest rate down under 10% or even better, that step alone would help you put more of the payment money you pay out each month toward reducing the debt.
There may be a way to actually get a credit card rate you can live with from the credit cards services you already are working with. It is very likely that if you call the credit card company and explain to them the situation, they might have the resources to negotiate a rate with you that you can live with and offer you the same services a credit consolidation company would offer.
It’s a good idea to take a moment and look at the world through the eyes of the credit card company. They are in business to keep good customers who pay their bills. For credit card company, the worst kind of customer is one who is constantly late on their payments or doesn’t pay at all so they have to go through the expense of nagging those customers for the money.
So rather than see you dump them or take your debt elsewhere like to a credit consolation service or a second mortgage, its better business for the credit card company to cut your rate and continue to make some money off of your debt. Competition is just as intense for the good customers in the credit card world as it is in any other business. So if you pay your bills and are the kind of customer these companies like, you have a bit of leverage with them that you may not have known you had.
Make sure when you call the credit card company to renegotiate your rate that you talk to someone who can actually change things. Be prepared to cancel your credit cards or move your debt to another card or credit service. If you let that credit card company know you are unhappy because of the rate, they will have some kind of program to keep your business. They aren’t going to tell you about it but its there. With the right method, they’ll give you a premium interest rate you can live with.