February 28, 2011
February 27, 2011
February 25, 2011
Lower Credit Card Interest Rates – 4 Tips
Susan Willis asked:
If you have more than $5,000 in credit card debt with relatively high interest rates, lowering your interest rates would provide you with significant financial benefits, easily lowering your payments by $100s per month. Here are 5 tips for getting lower interest rates.
Tip #1: Actively transfer balances to lower rate cards:
The easiest way to get lower rates is to transfer your balances to competing credit card companies who have extended you offers for better rates. Even a lower rate to the tune of 5% can make a huge difference in your monthly credit card debt payments and is worth doing. Try to avoid offers that charge a balance transfer fee or an annual card fee. But, even in those offers might be excellent options for you if you stand to save significantly on your monthly interest payments.
Tip #2: Request current lenders to lower your rates:
Place a call to your current credit company and request a lower rate. You may find that they are receptive, especially if you tell them you are comparing their best rate to offers you have received from their competitors. For a successful bid to have them lower your rates, it is best to have a credit score of at least 675. In any case, it is definitely worth a try.
Tip #3: Consider alternative loan options:
If you own a home, you may be able to borrow against the equity in your home at a significantly lower rate through an equity line of credit. An equity line of credit or similar financial instrument uses your home as collateral, so the lender is able to offer you a better interest rate than does your credit card company – even if you have poor or fair credit. If you do this, you can pay of your high-interest credit card debt and end up with net lower monthly payments.
Tip #4: Improve your credit score:
If your credit score is too low to qualify for better interest rates, there are concrete steps you can take to improve your score. Even an improvement of 40 or 50 points can save you $100s per month in debt payments. To begin, first pull your free credit report (go to Annual Credit Report Request Services online) and find out your score. Then, take the necessary steps to improve your score.
You can significantly lower your monthly credit card debt payments by qualifying for lower credit card interest rates. Transfer your balances to lower interest cards, ask your lender for a better rate, consider a home equity line of credit, or do whatever it takes to improve your credit score. It makes dollars and sense to do so.
Marian
If you have more than $5,000 in credit card debt with relatively high interest rates, lowering your interest rates would provide you with significant financial benefits, easily lowering your payments by $100s per month. Here are 5 tips for getting lower interest rates.
Tip #1: Actively transfer balances to lower rate cards:
The easiest way to get lower rates is to transfer your balances to competing credit card companies who have extended you offers for better rates. Even a lower rate to the tune of 5% can make a huge difference in your monthly credit card debt payments and is worth doing. Try to avoid offers that charge a balance transfer fee or an annual card fee. But, even in those offers might be excellent options for you if you stand to save significantly on your monthly interest payments.
Tip #2: Request current lenders to lower your rates:
Place a call to your current credit company and request a lower rate. You may find that they are receptive, especially if you tell them you are comparing their best rate to offers you have received from their competitors. For a successful bid to have them lower your rates, it is best to have a credit score of at least 675. In any case, it is definitely worth a try.
Tip #3: Consider alternative loan options:
If you own a home, you may be able to borrow against the equity in your home at a significantly lower rate through an equity line of credit. An equity line of credit or similar financial instrument uses your home as collateral, so the lender is able to offer you a better interest rate than does your credit card company – even if you have poor or fair credit. If you do this, you can pay of your high-interest credit card debt and end up with net lower monthly payments.
Tip #4: Improve your credit score:
If your credit score is too low to qualify for better interest rates, there are concrete steps you can take to improve your score. Even an improvement of 40 or 50 points can save you $100s per month in debt payments. To begin, first pull your free credit report (go to Annual Credit Report Request Services online) and find out your score. Then, take the necessary steps to improve your score.
You can significantly lower your monthly credit card debt payments by qualifying for lower credit card interest rates. Transfer your balances to lower interest cards, ask your lender for a better rate, consider a home equity line of credit, or do whatever it takes to improve your credit score. It makes dollars and sense to do so.
Marian
February 20, 2011
61. Why Markets Move Ahead of Interest Rate Announcements
InformedTrades asked:
www.informedtrades.com A lesson on how markets and traders anticipate interest rate changes for stock, futures and forex traders. Link to FOMC Rate Announcement: www.federalreserve.gov In our last lesson we looked at how The Fed is expected to react at different points in the business cycle, and what the expected market movement will be as a result. In today’s lesson we are going to look at how the Fed goes about signaling to the market changes in their thinking on the direction of monetary policy, so we can begin to understand why markets react not only to Fed interest rate announcements but just as importantly to events which change the markets anticipation of how the Fed may react. While we have simplified the situation in order to better understand the basics of how The Fed uses monetary policy, as you can probably tell by now, forecasting economic conditions and using monetary policy to try and manage those conditions is a very difficult process. The members of the FOMC are constantly analyzing economic data from across the country to try and gauge where the economy is in the business cycle and what if any monetary policy action is needed. As we have touched on in previous lessons, the FOMC has 8 regularly scheduled meetings throughout the year where they meet to discuss current economic conditions and expectations of future conditions. It is at these meetings that decisions on what changes if any in monetary policy need to be made. Upon completion of these meetings …
Carlos
February 19, 2011
Lower Credit Card Interest Rates
savingadvice asked:
www.pfadvice.com video blog explaining a simple way to lower your credit card interest rates
Arlene
Lower Your Credit Card Interest Rates
Martin Lukac asked:
When planning to eliminate your credit card debt, you need to find the lowest possible interest rate. Whether you have your current rates lowered or you transfer your balances to a different credit card, you will save money.
When you pay a lower interest rate more of your monthly payment goes towards the principal balance. This is because your finance charges are lower on your account. You may also see your payment amount decrease. However, you should continue to pay as much as possible towards your credit card debts.
Credit card companies don’t usually offer to reduce your rates. However, some card issuers have started offering their good customers temporary rate decreases in order to entice them to spend more.
Get your last credit card statement and a few of the credit card offers you have received. Set aside a time when you can sit and talk on the phone for at least thirty minutes. Make sure you have a pen to write down who you talk with and what they say.
If you are a credit card holder in good standing, all you simply need to do is call your credit card company. Simply tell them that you have received several card offers in the mail from other credit card companies that have lower APRs. Remind them that you have been a good customer and would like to see a lower interest rate on your credit card. If you don’t get a lower rate, you just might have to cancel your card and switch companies.
Be persistent. Ask to speak with a supervisor if you are initially turned down. Or you can ask to be transferred to the retention department. You can always try another day. But let them know that you will close your account if your rate is not lowered.
Keep it simple and straightforward when talking with the representative. Ask them what they can do to help you. You may even quote an interest rate offer and ask if they can do any better for you.
If your credit card company won’t work with you to lower your rate, simply start shopping for a lower-rate credit card. Follow through on your threat to close the account andd transfer your balance to a lower-rate card.
Most card holders with great account histories will have little trouble getting a lower interest rate. If you have held your account for a long time and currently have a low balance due, you will have a pretty good shot. But regardless of your situation, it never hutrs to ask. At the worst, they will tell you no. You haven’t been hurt at all. You are paying the same rate you were. But if they do happen to say yes, you will be paying hundreds of dollars a year less in interest payments.
By lowering your interest rates on your credit cards you will be able to pay your debt off quickly. Take the time to manage your accounts wisely. With a solid repayment plan and the proper management, you can control your debt, instead of it controlling you.
Sylvia
When planning to eliminate your credit card debt, you need to find the lowest possible interest rate. Whether you have your current rates lowered or you transfer your balances to a different credit card, you will save money.
When you pay a lower interest rate more of your monthly payment goes towards the principal balance. This is because your finance charges are lower on your account. You may also see your payment amount decrease. However, you should continue to pay as much as possible towards your credit card debts.
Credit card companies don’t usually offer to reduce your rates. However, some card issuers have started offering their good customers temporary rate decreases in order to entice them to spend more.
Get your last credit card statement and a few of the credit card offers you have received. Set aside a time when you can sit and talk on the phone for at least thirty minutes. Make sure you have a pen to write down who you talk with and what they say.
If you are a credit card holder in good standing, all you simply need to do is call your credit card company. Simply tell them that you have received several card offers in the mail from other credit card companies that have lower APRs. Remind them that you have been a good customer and would like to see a lower interest rate on your credit card. If you don’t get a lower rate, you just might have to cancel your card and switch companies.
Be persistent. Ask to speak with a supervisor if you are initially turned down. Or you can ask to be transferred to the retention department. You can always try another day. But let them know that you will close your account if your rate is not lowered.
Keep it simple and straightforward when talking with the representative. Ask them what they can do to help you. You may even quote an interest rate offer and ask if they can do any better for you.
If your credit card company won’t work with you to lower your rate, simply start shopping for a lower-rate credit card. Follow through on your threat to close the account andd transfer your balance to a lower-rate card.
Most card holders with great account histories will have little trouble getting a lower interest rate. If you have held your account for a long time and currently have a low balance due, you will have a pretty good shot. But regardless of your situation, it never hutrs to ask. At the worst, they will tell you no. You haven’t been hurt at all. You are paying the same rate you were. But if they do happen to say yes, you will be paying hundreds of dollars a year less in interest payments.
By lowering your interest rates on your credit cards you will be able to pay your debt off quickly. Take the time to manage your accounts wisely. With a solid repayment plan and the proper management, you can control your debt, instead of it controlling you.
Sylvia
