*Check in later for my story on how I saved a guys life last night*

As my girlfriend rightfully pointed out, it has been a while since I have posted about getting rid of debt. Well, fear not, I have a whole laundry list of tips to erase your debt in no time.

Lets start with what is something you can do in fifteen minutes that can save you a decent sum of money month after month. If you are reading this, there is a decent chance you have credit card debt. There is equally as good a chance that at least some of that credit card debt is high interest. If you are paying 17,18,19, … 22….30% interest on your credit cards, thats highway robbery! Lets do something about it…

Call your credit card company any request an interest rate reduction.

When you first talk to someone in customer service you are talking to someone low on the totum poll. They probably dont have the authority to reduce your interest rate. I did some digging and my credit union has a clause that says “you have the right to request a supervising officer.” Ah, yes, you most definitely WOULD like to speak to a supervisor. When you have the supervisor on the phone, request the rate reduction. The vast majority of the time they will give you a reduction. If they are reluctant, threaten to balance transfer to a lower rate card. Unless you have terrible credit, this is a very credible threat and will do the trick.

How much will this save me?
I have heard of reductions anywhere from 5-13%. Thats huge savings if you have a couple thousand dollars on your credit card. Lets say your credit card has a balance of $5000.00 at 22%. If you get that reduced to say 12%, thats gonna save you $500 in a year. Thats $41/month. Heres the kicker, keep paying the amount you were budgeted to before you got your rate drop. That extra will go toward the principal and the next month you will be paying even LESS interest and MORE principal. Watch that debt shrink like lawyer in church.

Where do I find this magical number that I need to call to make these wonderful things happen?
Well either you need to:
1) paypal me and I will send a carrier pigeon with the number strapped to its leg
or
2) flip over your card and call the number on the back

Now you see the light, so stand up for your right. Get on that phone!

Trackback URI | Comments RSS