It has been said again and again how you can call your credit cards and ask them to change the interest rate. This can be done if you have been a customer for several years and were never late. Depending on which credit card you ask will determine whether the answer is yes or no.
Several years ago I had a department store card and called them asking them if I could get a lower interest rate. I had been paying on the card for one year and since I was ignorant to how to handle my debts I only paid the minimum. The amount I owed was the same amount if not higher than the year before and I didn't purchase anything. I had a 21percent interest rate and it was entirely too much.
I called a representative with the company to find out if I could have my interest rate lowered since I have been paying on time every month since I have had the credit card. The person said no. I was told to pay more money a month and that will be how my account will go down. That was obvious information. I asked again if there was anything further they could do rather than for me to keep paying and seeing no results. With a lower interest rate I knew I could lower the amount I owed all together. They wouldn't budge on the rate and then I simply stopped paying them. That was a stupid move on my part but I felt they didn't deserve my money if they weren't going to acknowledge my patronage.
I would never recommend to someone to stop paying on a credit card unless they are willing to sacrifice their credit. In the way things are today you can't afford to mess up your credit. You have to try your best to pay each month and don't buy things you cannot afford to pay.
Now I realize that the reason why I couldn't get the interest rate lowered was due to the fact that it was a department store card. If it was a bank card it would have been different. You can call your bank card or major credit card and get your interest rate lowered. When you call be sure you know what your prime rate is on that particular card. They can lower the interest rate by 1.75 percent at the most. Another six months later you can try again to get the rate lowered once more. As always try to keep up with your payments and they will work with you.
