For the long term the absolute best thing you can do to lower your interest rates is to pay your bills on time, pay more than the minimum balance and never go over your balance. This is what prevents them from going up in the first place.
Not paying late can save you $1000’s of dollars in the long run.
The next thing you should do is call all your Credit Card companies and request a lower rate. They will almost always tell you NO the first time, so be prepared to ask for a supervisor.
If you get the supervisor tell them that you’ve got other lower interest offers and would like the same from their company.
If they match the competitor’s offer, you’ll keep the card instead of paying it off. Be nice, state how long you’ve been a customer and if you catch them on a good day, they’ll reduce the rate.
Have you heard of Prosper.com yet? Prosper allows you to auction off your debt to private investors and it’s got the ability to put a big dent in Credit Card companies profits down the road. It’s a new way to lend that takes big companies out of the loop.
Anyhow, to sum up.. Pay your bills on time, pay more than the minimum, and always look for lower interest options. If you do manage to transfer your balance to another card, don’t close the first account, but cut-up the card. The extra available credit will boost your credit score.
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Author:
Dan Nickerson is the CEO of Got-Zip Inc. Got-Zip is a Geo-Affiliate program and site network with a growing list of Internet Properties which benefit all Got-Zip Subscribers. AskTheseGuys.com is part of the GZ Network.
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