If you are paying high interest rates on your credit cards, it can nearly impossible to pay off your balance by making the minimum required payments. For many credit card holders, a better strategy is to negotiate a lower interest rate on your cards. Once the credit card interest rate is lowered, it will become a lot easier to pay off that balance and get out of debt once and for all.
Make a list of your credit card debts, including the annual percentage rates and the total outstanding balance. Sort your credit card bills by interest rate, and start your negotiations with the issuer charging the highest rate.
Contact the credit card issuer charging the highest interest rate. The phone number for customer service should be listed on the credit card statement.
Ask to speak to a supervisor when you call. The customer service phone number should be listed on the credit card statement.
Inform the supervisor that you wish to negotiate a lower interest rate on the amount you owe. Propose a lower interest rate than what you can afford to pay, since the credit card issuer is likely to come back with a counteroffer.
Review the document you receive carefully and read the fine print. Be sure the interest rate has been lowered to the rate you negotiated over the phone. Contact the supervisor again if there are any discrepancies.
Make a list of payment due dates for all your credit card bills. If you are late on a payment, the credit card issuer could raise your interest rate back to the original level and cancel the agreement.