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Can I Cut My Credit Card Interest Rate?

Why is it so easy to overspend during the summer? Vacations, family day trips, amusement parks, camps, and not to mention food budgets soar once school lets out. Many parents take time off to spend more time with the kids, which lowers the household income. Are all of these added expenses and splurges causing you to use credit cards more? Are those balances haunting you and eating up your budget? If you struggle with credit card debt, even on a temporary basis, heed these tips to lower those bills.

First, call your credit card company and request a reduction in your credit card interest rate. Ask for someone who has the ability and authority to make a difference with your rate. Your annual percentage rate plays a major role in the amount of time and money you spend to pay off a card. Asking for a reduction can be a way to immediately lower the amount of money you pay overall.

Currently, the average APR for credit cards is 13%. If you are paying more than that, point that out to the representative. Have clear and accurate information about your account right in front of you. Do a little research to see what other cards are offering and let them know what you could turn to instead. Even if they don’t lower the rate as much as you want them to, any lower rate will save you money.

Present to the company the reasons why they should lower your rate. Credit card companies have retention departments whose sole job is to keep you as a customer. If you know your credit rating, point out how long you have been a customer and tell them you have other options, better options, with another credit card company. They may just surprise you.

Finances can be difficult and confusing. It’s easy to get lost in credit card debt and make irresponsible decisions. With the help of Nichols Financial Services, you can take control of your finances. Call Nichols Financial Services at (315) 331-7925.

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