Paying off debt on a high interest rate credit card can sometimes seem like you’re swimming against the current -- you end up mostly paying off the interest each month just to keep the card. The easiest way to start paying off more debt is to try to lower the interest rate.Make some upgrades to your creditA strong credit score usually brings a decent interest rate right to your front door. Even if your score is lacking, you can still start to improve it. The quickest way is to ask your lender for a higher credit limit. A low balance with high credit availability can improve your score. As long as you’re disciplined enough not to use the extra credit, you should be good to go. Make sure you're also paying your bills on time and maintaining a steady credit history.Transfer the balanceConsolidating your credit cards to a card with a lower interest rate can be worth it on occasion. By finding a credit card interest rate that is significantly lower than your other cards, you can consolidate your bills into one low monthly payment. Use Bankrate’s credit card finder to locate a low interest rate in your area of the country.Call your providerIt’s simple, but sometimes just calling your provider and asking for a better credit card interest rate can work. Keep in mind that it will also take a look at your credit report. So if you’ve missed payments it might lower your credit limit instead of giving you a better rate.Create a news alert for "credit cards" advertisementRelated Links:Debt delinquency timeline: what to expectNational credit card rates for July 7, 2011Can paying off credit cards hurt score?Related Articles:Save money with gas cardsCredit report red flagsClean up credit report
Paying off debt on a high interest rate credit card can sometimes seem like you’re swimming against the current -- you end up mostly paying off the interest each month just to keep the card. The easiest way to start paying off more debt is to try to lower the interest rate.
A strong credit score usually brings a decent interest rate right to your front door. Even if your score is lacking, you can still start to improve it. The quickest way is to ask your lender for a higher credit limit. A low balance with high credit availability can improve your score. As long as you’re disciplined enough not to use the extra credit, you should be good to go. Make sure you're also paying your bills on time and maintaining a steady credit history.
Consolidating your credit cards to a card with a lower interest rate can be worth it on occasion. By finding a credit card interest rate that is significantly lower than your other cards, you can consolidate your bills into one low monthly payment. Use Bankrate’s credit card finder to locate a low interest rate in your area of the country.
It’s simple, but sometimes just calling your provider and asking for a better credit card interest rate can work. Keep in mind that it will also take a look at your credit report. So if you’ve missed payments it might lower your credit limit instead of giving you a better rate.
Create a news alert for "credit cards"
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A little research could save you BIG on interest.