The Second Way Is To Apply For A Second Credit Card With A Lower Interest Rate

Category: Finance.

It happens to all of us- something unexpected comes up and we have to use our credit card because we just don t have the cash on hand.

Unfortunately, when the bill is due the shine wears off fast. And right or wrong, we also just have to buy the latest gadget and put it on our card. If things are left to get too far out of hand, you can wind up with a heck of a lot of credit card debt with no easy way to get it paid off. Fortunately, there are places you can turn for help. You wind up paying a pile of interest, sometimes for years after you made the purchase. The first step you should take is to call your credit card company and see if you can get them to give you a lower rate on your card.

The first( and easiest) is to just call your credit card provider and ask them for a better rate. There are two ways to approach this. They ll usually be able to tell you within a minute or two whether you qualify for a better rate, and you d be surprised how often you ll get it just by asking. Once you have this card, transfer the outstanding balance from the higher rate card to the lower one. The second way is to apply for a second credit card with a lower interest rate. Incidentally, if you find a better rate on another card, that can be a leverage point when you ask your credit card company for a lower rate. There are lots of credit card counseling services that will help you deal with all of your creditors to get a better rate and/ or a more reasonable schedule for repayment.

If you find it hard to stop spending on your credit cards, credit counseling might be the best option. Because these services deal with the credit card companies all the time, they ll sometimes be able to get a better deal where you couldn t yourself. You ll need to have all your credit card information ready for them, as well as a list of all your creditors and balances with each. In many cases, credit counseling is a free service- you don t have to pay anything, or if you do it s a minimal charge. They ll take that information and work out your optimal payment plan. Talk to a credit counseling service and see what they can do to ease your anxiety.

If your credit card debt is stressing you out and you re feeling overwhelmed, don t keep struggling to stay afloat.

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