With credit card debt mounting and bills piling up, many Americas may wonder what they can do to help their financial situations.
According to an article in U.S. News and World Report, one thing that consumers may now consider is trying to lower the interest rates they pay. There are several ways to attempt to do so, but the report says the easiest is to simply call the credit card company and ask for a lower rate. If a consumer mentions that they saw a low rate on a card from another company, their current lender may be inclined to offer a lower rate in an attempt to keep the business.
However, this does not always work, and consumers should be prepared to transfer their balance to a card with a low introductory rate. Often these new rates last for a year, and allow consumers to pay off nothing but the principal for up to a year. There is, however, often a fee associated with balance transfers.
Consumers should be aware that lenders have tightened requirements for borrowers thanks to the new credit card laws, which can complicate matters for consumers because new rates may simply be impossible to find.