Some Helpful Tips In Case Your Interest Rates Suddenly Shoot up

Millions of Americans including yours truly have received notice from their credit card companies saying that the interest rates that they are being charged are about to go higher. Short of paying off your balance in full, we really have no choice but to abide by these higher interest rates for the most part.

We do however, offer some helpful tips that may just assist you in getting those interest rates lowered once again. Let’s take a look at some of the methods that have been effective when used to communicate with the credit card companies.

Please bear in mind that of course these are not guaranteed to work for you but they have worked for others in the past so they are absolutely worth giving a try. You actually have nothing to lose, except for maybe your high interest rates.

The first thing you should do if you suspect that a mistake was made and that the interest rate increase is not justified is to contact your credit card company to see if you can negotiate a lower rate.

Many people would be surprised at how willing the credit card companies are to keep their customers happy. In some cases you may meet with success while in others you will be out of luck. Either way, you’ll never know unless you try.

You should also check your credit report to make sure there are no erroneous entries that could have triggered the interest rate increase. If you see information that is inaccurate or incorrect then report it to all three of the major credit bureaus immediately.

The three credit bureaus are Trans Union, Experian and Equifax. Many times interest rate increases are put into effect because people’s credit reports show inaccurate information.

If you feel you are in danger of missing a payment because you cannot afford it you should also contact your credit card company right away and discuss the issue with them.

Be courteous and honest with them. Many times they will be happy to work with you to find some sort of solution that is workable for both parties.

You can also do your best to add money to your monthly payment even if it is a small amount like $10 or $20. Every little bit does add up and in the long run will help you save money.

And finally, if you feel that you’re getting nowhere with the representative that you are speaking to then hang up and call back. Chances are really good that you will get a different representative on the line and they may be more receptive to helping you out. And if all else fails, ask for a supervisor to speak with… but remember, always be courteous.

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