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Options to reduce credit card costs

Many people in Mississippi who find themselves with increasing levels of credit card debt may often wonder how in the world they can eventually make their debt decline instead of continue to grow. Even when making payments every month, interest rates, annual card fees or late fees can counteract their best efforts to get out of debt. Bankrate suggests that there is one relatively simple thing people might try to help.

A 2017 survey found that 69 percent of consumers were able to have their credit card interest rates reduced by simply picking up the phone, calling their credit card servicers and asking for this rate reduction. Making this request should be done within reason, however. For example, if a person's current interest rate is 25 percent, they should not expect to receive a reduction to five percent. They should also do their homework to be educated about current rates.

CNBC reported that in a recent creditcards.com survey, many people were also able to reduce other costs by doing the same thing. Annual membership fees were either reduced or completely eliminated for 70 percent of consumers. Another 84 percent of people were successfully able to have late fees waived.

Consumers most likely to have these costs reduced or eliminated will have good credit scores. This is one factor that may be problematic for some people struggling with debt. In these situations, if rate reductions are not available, other options such as filing for bankruptcy may provide avenues to reduce debt and get on the road to a better financial future.

 

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