Getting lower credit card payments means you need a lower interest rate. There are a number of solutions available to help you reduce your interest rates so that you can get a lower payment on most or all of your credit cards. When money is tight, it can be hard to meet all of your monthly obligations. Once you fall behind, your debts can spiral out of control.
You may still have a choice!
Debt Consolidation Loans
Homeowners with great credit can take advantage of lower interest rates by securing their debt with their home. As long as you have good job security and a high credit score, you may be able to take advantage of the equity you have built to get a lower rate loan to pay off your credit cards.
Debt Management Plans
Getting lower credit card interest rates is possible through a debt management plan. You can save every month on finance charges, while benefiting from a lower consolidated payment. Creditors are often willing to grant you lower interest rates and lower payments if you are serious about becoming debt free using a debt management plan.
Debt settlement or negotiation is an approach to deal with debts that have all gone to collections. It can save you some money once your credit has been ruined while helping you potentially avoid judgments. Once all of your credit cards have been turned over to collections, then debt settlement can be one approach to close those open items. Of course, the benefit shrinks if you pay a debt settlement firm to negotiate settlements on your behalf.
Your options for reducing credit card interest rates and minimum payments are greater if you act before your financial situation worsens. Take control of your finances by making a change today, because tomorrow may be too late.