It seems you cannot turn on the television or radio today without hearing ads from credit card companies claiming to have the best rates. Yet, what do you do if you are happy with your company and simply want to reduce your balance? The easiest way to do that in many cases is to just call the company and ask to work out a deal.
Use the features here at the credit card chaser to learn more tips.
Having a good credit rating will affect everything from what kind of home you can afford to being hired for a job. One of the biggest requirements for obtaining a good credit rating number is to maintain a firm grip on your credit card spending and balances.
What are some credit card offers to reduce my balances?
Perhaps one of the best ways to reduce your credit card balances is to start with the best credit card for your needs, without lots of extras that you may not need. Some of them make exciting offers for airline incentives or a percentage of money back for making certain purchases.
However, if you don’t travel or buy some of the related products, it might not be the card for you. Look at aspects like interest rates and fraud protection instead of being drawn in by bells and whistles.
How do I manage my credit card balances?
The best ways to keep balances under control of course is to have fewer credit cards and use them less. However, if this is not a workable alternative for you, then perhaps you can try to get your credit card company to reduce the rate of interest on your card. This can serve to lower the amount you are expected to pay each month.
As you probably know, if you do not pay off the entire credit card balance every month, that increases the amount you will pay in interest and makes it more difficult to keep up and you quickly fall behind before you know what hit you. In the long run, by having a lower interest rate, you could cut down your balance by thousands of dollars.
No one enjoys those credit card collection calls. It costs the credit card company more money to hire people to try to collect on these debts and you end up feeling worse for not being able to manage this aspect of your life. It’s a losing situation for everyone.
If many customers each have thousands of dollars owed on long-delinquent balances, it begins to affect the company’s bottom line. You might be able to use this to your advantage.
How do I get my credit card company to reduce my balance?
If you are afraid because you think you’re not good at haggling, you may find it easier than you imagine. Simply tell them that you have better offers and ask what they are willing to give in return for keeping you as a customer.
Although you cannot just walk away without paying anything, sometimes the credit card company will be willing to resolve the issue for less money than you actually owe just to close the account. Due to the state of the current economy and so many people in arrears, the process has become less complicated.
Most people don’t even realize this is possible because credit card companies do not publicly admit that they allow it. After all, they could stand to lose a lot more money if everyone ran up bills and only paid a fraction of the debt. However, if you are struggling, it’s in your best interest to at least ask. The worst they can say is no.
If your offer is denied, a good plan B might be setting up a reasonable repayment schedule to decrease your balance. Once you have stuck to this plan faithfully for a few months, ask again. The credit card company may agree the second time because you have shown a trustworthy effort. You can also turn to established consumer debt management companies, which will negotiate with the credit card company in your place for a nominal fee. If you were not able to pay the whole amount, the credit card company would choose to have a bit of some kind of payment rather than nothing at all.
Use the credit card chaser now to compare credit cards that have low interest rates.
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