As credit card debt piles up for more Americans every day, many wonder what they can do to get out from under it. While there is no quick fix, one way to help lower monthly payments and balances alike is to seek out lower interest rates.
A recent article in U.S. News and World Report offers some advice to do just that. It says the best advice for consumers who want a lower interest rate on their credit card is to simply call their lender and ask for a lower rate. They will probably have to mention a low introductory rate they’ve seen from other companies, but that could make their current lender more likely to drop the current rate a few percentage points.
If that doesn’t work, the report said, consumers can also try transferring their balance to a card with a low introductory rate. These usually last for a year and will allow consumers to pay down more of the principal rather than interest.
It should be noted that lenders are unlikely to buckle to pressure. Restrictions from the federal government have led to tighter lending policies, which will make it harder for consumers to get low credit card rates.