The easiest and most effective way to pay off your credit card balance is to get your credit card company to lower the interest rate. Here are some steps to follow to do this:
- Find out how much interest you are currently paying (take a look at your most recent statement - the interest rate is usually listed on the bottom of the last page in a table)
- Find out what rates the competition is offering (this doesn't mean apply for a card with a lower rate. It just means find out what is being offered so you have some data when you call the bank. Check out www.bankrate.com)
- Talk to someone who can make a difference (call the customer service number listed on your statement and immediately ask for the supervisor of the person who answers the phone as first tier support doesn't have the authority to change rates. Tell the supervisor what the competing rates are, and if your bank doesn't lower your rate, you intend to transfer your balance to the competitor)
Lowering your interest rate means it will cost you less to pay off your credit card debt. This is an important part of earning your financial freedom!