The one hour shortcut to Slashing Your Finance Charges
If you are carrying credit card balances, then you are paying finance charges each month. The bigger the balance you are
carrying, the larger the finance charges - and the harder it is to become debt free.
As part of your Rapid Debt Payoff Plan, here is a way to make your life easier.
1. Take out all your credit cards that have a balance owed on them.
2. Get a phone.
3. Start with any card and turn it over and call the customer service number on the back of the card. Do whatever you have to
do to speak with a human. If speaking with a customer service person is not an option in the phone tree, try pressing 0. You
may have to do this 4-5 times before the system transfers your call.
4. Once an actual human answers, ask to speak to a supervisor. Most of those who initially answer your calls have no
authority to change your interest
rate - and that is why you are calling. Be polite. If they will not transfer your call,
tell them you have a serious matter to discuss and are thinking of replacing their credit card. Be firm and polite.
5. When the supervisor answers, explain that money is particularly tight right now and you realized how much you are paying
in finance charges because your card interest rate is too high. Add that you have received offers from other cards to
transfer your balance at 0% for a year (or whatever offer you've seen that is more favorable). Explain that before you
transfer your balance, you wanted to see what they had to offer that is more competitive.
Almost always, they will automatically reduce the interest rate on your credit card.
If that doesn't work, some people suggest you add that you are having difficulty making the payments and need help, or you will be forced to leave. That should do the trick.
Getting cold feet? Here's why you should do this
today...
Assume your current interest rate is 15.99% and you are carrying a balance that gives you a finance charge of $190/month. Realize you are getting nothing for this $190. It just makes it more difficult to swim upstream and pay off your debts.
If they drop your rate to 7.49%, your finance charge will drop almost $100/month! That will help you get out of debt faster.
6. Thank them, hang up, and call the next card! Repeat this for every single credit card you have in your wallet.
An hour well spent!
