Reduce Interest on Credit Cards
Getting a lower interest rate can help you pay off your
credit cards much faster. Since almost all of your minimum
payments go toward finance charges, very little actually goes
toward the principal balance.
A lower interest rate on each credit card can help you pay
more toward each card without raising your payment. It stretches
the power of your dollars so that you can pay off more debt
without actually paying more.
Credit counselors can frequently negotiate a much lower
interest rate on each of your credit card accounts. These are
permanent interest rate reductions as long as you continue to
make your regularly scheduled monthly payment.
They do this through a debt management plan, which allows you
to take advantage of the lower interest rates offered by your
credit card providers. Even though your total monthly payment
will likely drop, you will be able to put more of your payment
toward principal balances. Reducing your interest rates is the
key to helping you to manage your debt and eliminate it for
good. NEXT: Eliminate Late Fees
|
