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5 overlooked ways to curb credit card debt

Try to negotiate
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Try to negotiate

As a second step, call your card issuer and ask for a lower interest rate on your credit card. Issuers aren't obligated to reduce your interest rate, so the strategy doesn't always work.

If it works, however, the savings can be substantial on a large balance. Check out the Bankrate article "Can you get a lower credit card rate?" for advice on how to ask for a rate reduction.

If the request doesn't work, consider balance transfer credit cards, which can offer rock-bottom introductory rates on debt transferred from other cards. You'll want to estimate your credit score first, since most balance transfer cards require good credit or better.

Before applying, see if you can negotiate the balance transfer fee, which can be as high as 5 percent of the transfer amount.


 

 

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Debt Adviser

Don't be seduced by this debt plan

Dear Debt Adviser, I have about $50,000 of debt on credit cards. My credit rating is still high. I am thinking about a debt consolidation loan. Will that adversely affect my credit rating? -- DT Dear DT, The cliche... Read more

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