Wednesday, December 4, 2024

Make Them Compete
by Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.

Scott Bilker

Dear Scott,
How do you lower the interest rate charged to something more reasonable??? Along with this, how do you lower the monthly payment to something more manageable??
--Larry

Answer
Larry,
The best way to lower your rates is to make banks compete for your business! Call you current banks and let them know that if they don't give you reasonable rates you'll take your business somewhere else!

Keep low interest rate offers that you get in the mail so you have more options and bargaining power.

You can lower your payments by paying the minimum but that will increase the long-term cost of each debt. However, that's okay if and when you have no choice. I would question someone making minimum payments so they can go on vacation to Hawaii. :)

Scott 

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