Ask your credit cards for a lower rate

by Jen (December 20, 2007)

Most credit card companies will reduce the rate to something close to your home equity if you just ask politely. The line we coach people to use is, “I am trying to get out of debt and I need your help. Will you please reduce my interest to 0% for 12 months so I can get out of the hole I have dug for myself?” Usually they will come back with some offer at like 3, 6, or 8 percent.

From The Saving Freak, via GetRichSlowly.

Calling credit card companies and challenging them to lower their rates really does work. I discovered it accidentally years ago when I called to cancel a card because I had a better balance transfer offer from someone else: they immediately came back with a lower rate than the other card in order to keep me.

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