Consumer Credit Card Relief - Debt Settlement | HOW TO LOWER YOUR MONTHLY CREDIT CARD PAYMENT | Consumer Credit Card Relief - Debt Settlement
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HOW TO LOWER YOUR MONTHLY CREDIT CARD PAYMENT

HOW TO LOWER YOUR MONTHLY CREDIT CARD PAYMENT

Are you swamped with high monthly credit card payments? You may be losing money each month with high-interest rates and enormous credit card balances. Here are 6 effective ways to shrink your credit card payment and head on the path to financial freedom.

MAKE LARGER PAYMENTS EVERY MONTH
A surefire way to wipe out credit card debt is to make larger payments each month to avoid late fees and interest. Of course, to work this strategy, you need to live within your monthly income. Your credit card bill shouldn’t exceed your ability to pay it off within a month. Having said that, as I noted above, there may be months when you may experience an emergency expense. That’s why having a short-term savings or money-market account for rainy day expenses is important.

Making higher credit card payments now will cut down future payments. When you pay more than the minimum payment, you can decrease your total balance and the accrued amount of interest substantially.

CUT DOWN CREDIT CARD SPENDING
If your purchase behavior is negatively impacting your ability to pay off your credit card debt, it may be time to monitor and control your spending. Review your monthly credit card statements to figure out which category of purchases are costing the most. For example, if dining out is your highest credit card bill each month, it is recommended to start preparing extra meals at home.

Additionally, you may want to consider eliminating credit card spending altogether if your balances are significantly over their recommended credit utilization rate.

REQUEST LOWER INTEREST RATES
Lowering your credit card interest rate is one of the easiest approaches to help reduce your monthly credit card payment. Simply call each credit issuer and request an adjustment to your annual percentage rate. You are more likely to get approved for an interest rate reduction if you have a long history of prompt payments. If you aren’t successful on the first try, don’t be discouraged. Be diligent and keep calling until you speak with a specialist manager that will work with you.

REQUEST A BALANCE TRANSFER
Utilizing balance transfers are a common and easy way to bring down high-interest rates and save money. New credit cards generally offer a 0% APR introductory period, which allows you a longer timeframe to pay down your balance interest-free on you transfer the balance to a new card.

Be sure to make every effort to pay the balance during the introductory period. When the introductory period ends, the annual percentage rate will kick in, so be sure to select a card with a lower APR.

Keep in mind that your card may have a balance transfer fee, which usually amounts 3 to 5% of the transfer amount.

REQUEST A LONG-TERM PAYMENT PLAN
If you’re experiencing a tremendous amount of credit card debt, you should contact your credit card company to inquire about a long-term repayment plan. By extending the payments, you’ll be able to avoid late fees and ending up in default. Better yet, you’ll be able to work swiftly to improve your financial health. Normally, depending on the company, credit card issuers will offer alternative payment plans to customers undergoing financial hardship. However, the card issuer may require that you close the account.

WORK TO IMPROVE YOUR CREDIT SCORE
Having good standing credit will ultimately result in better interest rates and lower monthly payments.

As soon as your credit is improved, you may have a better opportunity to negotiate lower interest rates with lenders. To find out where your credit currently stands, obtain a free credit score report.

NEED CREDIT CARD RELIEF?
Consumer Credit Card Relief can help you on the road to debt freedom. Our debt settlement program covers an extensive amount of credit card debts. Call us today at 1-888-407-0855 for a FREE consultation from our credit card professionals. Start eliminating your credit card debt today.

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