Mar

If you are like many people living in the United Kingdom today, you are likely carrying around a debt balance on a VISA card or other credit card. In fact, many people today are carrying balances on multiple cards at once. While you may be feeling the pinch each month to pay your debts back, the good news is that there are ways in which you can reduce your interest rates and pay back your debts in much less time and for ultimately much less money.

Your Lender is Just a Phone Call Away

One of the easiest ways to save yourself money on your credit card bills is to pick up the phone and ring-up your lender. Once you get a customer service representative on the phone, your first step is to simply ask for a reduction in your interest rate. If you have been a good customer and made all of your payments on time, then you might be able to get a lowered interest rate simply by asking.

If the customer service representative is unable to lower your interest rate, this is the time to ask to speak to a supervisor. Once the supervisor comes on the line you should let them know how good of a customer you have been and again ask to have your interest rate reduced. At this point you will likely either get an offer for a rate reduction or will be told that it is not possible.

If you are told that it is not possible to lower your interest rate, and you have an offer from another lender with a lower rate, you should mention this to the supervisor. Let them know, in a non-threatening way, that you have another offer from one of their competitors and that you plan on transferring your balance to the other lender if they are not willing to match the new offer or lower your rate to match it. At this point you will likely either get a lower rate or will again be told it is not possible.

Balance Transfers to Save Money

If your existing lender is unable or unwilling to lower your interest rate, watch your mail for offers which tout low introductory interest rates for a specific amount of time. Many lenders will offer you 0% interest to transfer other debt to them for a short period of time. When you get one of these offers accept it and transfer your balance from a higher interest debt. Make as many payments, with as much money as possible, and try to knock down your balance while it is at 0% interest. If the date comes where the offer is going to expire, and you still have a balance, then start watching the mail and transfer that balance again, and keep doing it until you have your debt paid off.

Reduce Your Credit Card Interest Rates To Save Yourself Money

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