Can You Get a Lower Interest
Rate?
If you can you should live a life free
of debt. This is not just a simple statement; it is a
statement of fact. If you have no debt you have nothing to
worry about having to pay back. Now, sometimes we have to
take out debt – maybe we need a home, or a car, or there was
a medical emergency; but these things are separate unto
themselves.
But most of these things do not have a high interest rate;
it is when you get into credit card debt that you find that
you can have an interest rate upwards of 35% and climbing.
The fact that credit cards even have the ability to charge
that amount of money, in addition to late fees and over
balance fees, etc, should be illegal.
But there are ways of helping yourself out of the debt.
Getting a debt consolidation will take all of your credit
cards and lump them into one lower payment with a lower
interest rate. Now you might worry about how low your
interest rate might be, but we will bet you dollars to
donuts that it is less than what you are paying now –
especially if you have missed a few payments.
Most debt consolidations have a maximum interest rate of
somewhere around 11% - that is a difference of 24%. That is
a big deal – and will make a big difference in both your
monthly payment and the amount of money that you end up
paying back. Plus, if you are currently making all of your
payments, you have allotted that money anyway to go to your
balance. The new payment for the debt consolidation will be
lower, so keep paying the same amount of money toward the
loan – thus paying it off even faster. This means that you
will soon have a life free of credit card debt, then you can
start working on the rest of it.
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