Credit Card Debt Management - Can These 5 Steps Save You Big Bucks This Year?
By Michael G. Harris

Many times financial advisors will say, "Call your credit card company and ask for a lower interest rate." So what are the important steps you need to take in order to get your lower rate? You can manage your credit card debt better and save hundreds per year by making one simple phone call.

First, you need to get all of your bills together and target the one with the highest interest rate. Next, sort through some of those credit card offers that you get in the mail and find one with the lowest interest rate, preferably 0%.

Second, get on the phone and call your credit card company with the highest interest rate. You will want to be pleasant to deal with show that you've been a valuable customer over the years. So you might ask the representative how long you've been a customer of theirs.

Third, state the offer from the other credit card company with the lower interest rate. Mention to the representative that you might have to switch companies in order to get the lower rate. At this point keep quiet and listen for their response.

They should want to keep your business and come up with an interest rate that matches the other credit card company. If not, then ask for the lower interest rate. They may have to "talk to their manager" for a few minutes, but it will be worth the wait.

Fourth, verify what was said on the phone by email. You will want to have proof of the lower interest rate and conditions in writing.

Finally, make sure that you pay your bill on time. This will help you keep your new, lower interest rate and avoid any late fees.