When mortgage interest rates decrease, many homeowners start to wonder whether they should refinance their existing mortgages to get a lower rate or a different loan term. However, the additional closing costs you pay when refinancing can sometimes make refinancing more expensive in the long run. In some cases, the amount of interest you’ll save […]
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This is something that’s well worth doing if you have consistently carried a credit card balance in the past and have never requested a rate reduction. It takes a bit of time (about an hour for a small pile of cards), but it can really save you some serious money in the long run. It’s pretty easy, too, as long as you’re willing to be a bit forceful over the telephone.
Simple Steps to Reduce Your Credit Card Interest Rate
1. Get out every credit card that you’ve carried a balance on in the last year
By “carry a balance” I mean you’ve not paid it off entirely and let the balance carry forward, earning interest. If you haven’t carried a balance in a while, the chance that they’ll reduce your rate is much lower because you’re not a client that makes them money.
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