Two days ago we discussed the need to be careful with credit cards because of their high interest rates. In most cases your best option is to pay off your credit cards so that you are not carrying a balance. But what if you can’t pay them in full?
The next best option is to lower your credit card interest rate through negotiation. Yes, it is actually possible to contact your credit card company and ask for a lower rate.
If you are a good customer, they want your business, so it is often possible to simply call your credit card issuer and ask for a lower rate. They may give it to you.
Of course, it is also possible that they will review your credit report and see that you are carrying a huge amount of debt, and that may cause them to increase your interest rate, so be careful. You should only request a lower rate if you are a good customer, and you are not carrying lots of other debts.
If you have a large amount of debt and the credit card company won’t help you, other options, such as a consumer proposal, should be considered.
