==== ==== Is There A Way To Break Free From Modern Day Slavery? There is a way to get out of debt. Follow these steps.... http://successwithdj.info ==== ====
Debt sucks. First, because it means that you owe something to somebody, that you are beholden to them. In short, they own you. But it also sucks because you have to pay interest on your debt. And every penny you spend on interest is another penny not available to buy the latest Star Wars figurine or to go parachuting or to do whatever you want to do with your pennies. Pennies? Hardly. Credit card interest is usually quite substantial. If you let your debt get away with you, you might be paying several thousand dollars every year in interest. That adds up to a lot of Star Wars figurines. The most obvious way to reduce those interest payments is to reduce the debt. Pay off your credit card balance. Just do it. Pay it off, I said! But that can take time, and it is not always that easy to do. So there are some steps you can take in the short term to reduce the pain. Step one is to know where you stand. Look at your most recent statement and find out just what your interest rate is - what you are paying now. Chances are, your issuer is charging you too much. Step two, put on your private eye hat - you're about to do some sneaky investigations. Remember that knowledge is power. Go to your credit card company's website and find out what they are offering to new customers. You are surely as good as a new customer, right? Step three, visit a couple competitor websites, and find out what they are offering new customers (like what they would offer you to switch to their credit card, for example). It might help to put all this information into a spreadsheet: Current rate you pay Your company's offer to new card holders Other companies' offer to new card holders Now you are ready for step four: call your credit card company. The first person you speak to on the phone is unlikely to have any authority to change your interest rate. Simply say, "Hello, I would like a lower rate." Stay calm, cool, collected. If you lose your cool, you will blow it. If the person does not offer to transfer you to someone who can help you, just as. "In that case, may I speak to somebody who does have the authority?"
Credit card companies know that you have a choice. They are fully aware of how competitive the market is. You simply have to let the person on the other end of the line know that you know this too. "I was comparing my current interest rate with the rates offered to new customers here and at a couple other companies. I have them all on a spreadsheet here, and frankly it makes me feel pretty depressed." Step five is to ask for the lowest rate. That's right, the lowest rate. You won't get that rate, of course, and the company will have all sorts of reasons, some of which might make sense and some of which might not. But the lower you ask, the lower you are likely to get. There might be a wrinkle - your credit score. Before agreeing to any new rate, the company will check your credit score. This might be fine and they might offer you an improved rate. Yay. You win. Or they might say, "Sorry. Debt might suck, but your credit score sucks even more." If this is the case, thank them politely and get a full credit report. With that information in hand, go over it with a fine tooth comb. Is there anything there that is inaccurate? Is there anything included that is outdated? If there is any way to fix your credit report, do so. There are plenty of credit repair articles right here on EzineArtlicles.com. Step six is to call your issuer back with your new and improved credit score and ask for the better rate again. You might be speaking to a different person, so be prepared to start explaining all over again. With any luck, you won't need step seven: switch credit card issuers. You have done the research. You know what they are offering. Pick the best deal. If you can get zero interest for six months or more, grab it. You have six months to implement step eight. Which is... Pay down the debt. Yes, your new, lower interest rate is a gift and especially if it is zero. If you were paying $3000 per year in interest, that is $250 per month. Over the next six months, that means there is $1500 of interest that you would have been paying in interest that you now do not have to pay. Do not "invest" this $1500 (or however much it is for you) in Star Wars figurines. Invest it in paying down $1500 of debt. Yes, any reduction in interest rate should be used to pay down the principle so that you never have to pay a penny of interest again. Then you can buy up all the Star Wars figurines you can eat. Enjoy.
Drew Cassels writes for Credit Cards Canada, which offers reviews of current credit card offerings for Canadians, including several options for low interest credit cards.
Article Source: http://EzineArticles.com/?expert=Drew_Cassels
==== ==== Is There A Way To Break Free From Modern Day Slavery? There is a way to get out of debt. Follow these steps.... http://successwithdj.info ==== ====