Credit card debt plagues millions of Americans who live from paycheck to paycheck, spending a bulk of their hard-earned income paying off interest that continuously leaves them with a high credit card balance.  As consumers, we are not fully aware of our options when seeking to modify a monthly payment plan or request a decrease in the interest rate applicable to your credit cards.  We often believe we are stuck into whatever credit card agreement we originally entered into.  While most consumers do not challenge the high interest rates on their credit cards, some consumers do, and they have been able to successfully negotiate a lower interest rate for a particular card and perhaps even a modified payment plan that will be more manageable for the consumer.

Options for Negotiating Your Credit Card Interest Rates

If you would like to attempt to decrease the interest rate on one or more of your credit cards, you have a few options available to you.  Such options include, but may not be limited to, the following:

  • Speak with your creditor directly – Consumers who contact their creditor’s customer service department may be successful when requesting a decreased interest rate or lower monthly payment plan.  This option is not always successful, as many customer service representatives may state that they do not have the power to change your interest rate and/or repayment plan, or that you have already agreed to a particular interest rate and/or payment plan, so no changes are possible.  Even though this option is not always successful, it is certainly worth a try.
  • Enroll in a Debt-Management Program – If you have multiple credit cards with high interest rates and high balances, you may consider a debt-management program that will enable you to lower your interest rates and monthly payments, but you will have to close most if not all of your credit card accounts in order to participate in the program.  By enrolling in the program, you are simply trying to eliminate debt and will not be able to use the credit cards so long as you are participating in the program.
  • Speak with a Debt Relief Attorney – It is always a good idea to consider speaking with someone who handles debt-related issues on a regular basis.  In addition to providing you with information on available debt-management programs, your attorney will explain to you all other options you have for managing and/or eliminating your credit card debt.  Your attorney may attempt to negotiate with your creditors on your behalf, and he or she may be more successful than you would be on your own.  As such, working with an attorney may be worth it in the long run if you ultimately reach your goal of eliminating or significantly reducing your credit card debt.

Contact Kansas City Debt Relief Attorney Douglas Breyfogle to Schedule a Free Consultation

Credit card interest is the most frustrating aspect of having a credit card.  While credit cards can be essential in a time of need, the responsibility to pay off the credit card along with an exorbitant amount of interest can be quite burdensome, and has been one reason why many Kansas City consumers have chosen to file for bankruptcy.  In an effort to avoid bankruptcy, many credit card holders have attempted to negotiate with their creditors to determine if a reduced interest rate will help make monthly payments more manageable in such a way that you will actually see your balance go down each month.  Because negotiating with your creditors can be difficult, you should consider speaking with Kansas City Debt Relief Attorney Douglas Breyfogle as soon as possible.  With more than twenty years of experience helping people like you, Douglas Breyfogle has the resources and skills to help you formulate a plan that will eliminate your credit card debt in the most efficient and reasonable way possible for your individual financial circumstances.  To speak with Douglas Breyfogle about your financial situation, contact our office today by calling (913) 742-8700 to schedule a free confidential consultation.