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3 Ways to Lower Your Credit Card Debt Painlessly

If you are finding yourself overwhelmed by your credit card debt, you're in good company. Credit card debt is an increasing problem for many people these days, with balances getting larger and larger and minimum payments increasing to budget-busting levels. But you really can lower your debt load by following a few very simple strategies:

1. Never, Ever Pay a Late Fee

Late fees have been increasing by leaps and bounds lately, and grace periods having been getting shorter and shorter. Make sure you always pay at least your minimum payment on time. If you are absolutely unable to pay even that, then call your credit card bank and alert them. You might be able to buy yourself some time.

If you are late with even a single payment by as little as a day, there is a very good chance the bank will raise your interest rate, often by 50% or even more. Over time, this can can add up to charges far more significant than the 30 or 40 dollar late fee.

2. Have Your Interest Rate Lowered

If your credit card interest rate is too high, call your bank and ask them to lower it. Odds are, you could find a lower rate elsewhere, and your bank knows this. So call their bluff. Tell them you can get or have been offered a lower rate, and ask them to match that rate. If they refuse, all you have lost is a phone call. But if your request is reasonable, there is quite a decent chance your bank will drop your rate to a more manageable level.

And once your interest rate is lowered, you will be surprised just how much faster you can begin to pay down your overall credit card debt. Just make sure to keep paying as much above the minimum payment level as you are able.

3. Obtain a Brand New Credit Card

If your bank refuses to lower your rate, simply search for a lower rate card and transfer your balance. There are plenty of banks out there eager to accept balance transfers. Furthermore, even if you have made some late payments, thus causing your rates to rise, the odds are your credit rating hasn't been affected. Banks usually alert credit bureaus when payments are significantly late (by like 30-60 days). As long as your credit report remains clean, you shouldn't have difficulty applying for a lower rate credit card and therefore saving lots of money.

Article Source: http://www.bo-knows.com

For more information on how to get credit card debt help, including do it yourself debt negotiation methods and do it yourself debt settlement methods, visit debtconquest.com

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