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Tips and Tricks for Lower Credit Card Bills
By Frank Jones on December 20, 2010

in-your-hands-(1).jpgThe first, and hopefully most obvious way to lower your credit card bills is to pay them. However, there is still some planning involved in getting the most out of this method. For example, you need to payoff a credit card with an interest rate of 22% before a card offering 16%. Basically, the idea is that you arrange all your credit card bills in order of their interest rates. You then pay the minimum payment for each card except the one with the highest interest rate. You will slowly progress through the list in from the highest rate to the lowest as you pay off your credit card bills. There's a great article titled “How to Eliminate Credit Card Debt” which walks you through the steps of this process.

Get Creative


There are a few creative ways you can lower your credit card bills without making any payments. OK, so you'll still have to pay what you owe, but you can cut the interest rates which will help you pay off your debt faster. Although it may seem daunting to all each of your credit card companies and ask them to cut their fees, the worst they can do is say no. If they do refuse then you've lost nothing. However, many companies are open to negotiations in the interests of having the debt repaid. In addition to the interest rate, don't forget to ask about eliminating any annual fees you may have on your credit cards. In addition to developing a budget, you should also consider transferring debt from high interest card to those with lower rates. While this will not cut your existing debt, it will lower your credit card bills over time through reduced fees and interest.

Change Your Life


When you begin to consider ways of lowering your credit card bills it is important to have an exact picture of your financial situation. Using a debt calculator can help you plan for the future and decide how long it will take you to get out of debt. Should your find that it will take more than five years, it's time to consider lifestyle changes that can help to save money and lower your credit card bills. Some suggested changes include finding more affordable housing, taking on roommates, selling a vehicle, relying more heavily on public transportation, and abstaining from expensive habits or vices.


Seek Help


If you do find that you are in extreme debt which could take more than five years for you to repay, then it is helpful to seek the advice of professional debt negotiators or debt management groups. These groups can help with lowering your credit card bills by providing expert financial advice as well as representation when negotiating with your credit card companies. Be wary when seeking these services as there are many bogus debt negotiation services in the market place. However, an informed shopper can easily differentiate legitimate and professional services which are capable of assisting you lower your credit card bills.
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