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	Lower your APR in 5 minutes

The APR on your credit card is not fixed. Though the banks want you to think it is, but it is quite flexible and, with a brief phone call you can reduce it.

We are scared when dealing with banks and equivalent organizations. But despite that, they are quite approachable even if they try their best to remain unapproachable. So all you have to ask for a lower interest rate.

This gives you a better chance that you can lower your interest. This reduced rate can save you a lot of money annually. So this brief call is well worth the effort. But remember you might fail.

As per the Federal Reserve the average credit card holder in America is burdened by total credit card debt of more than $10,000. Paying just the minimum monthly payments of 2% on this debt would make you poorer by nearly $1 500 in interest only in the 1st year and needs more time to repay than a traditional home mortgage.

Instead of borrowing more money to repay this debt thus increasing your debt, a good option is to get your interest rate reduced.

Besides it is quite simpler than previously thought. Don’t be frightened, simply call your bank or credit card provider and inform them that you think your APR is very high and you want it reduced. Tell them that if they don’t reduce the rate, you would switch the company. Call them right away and begin saving immediately.

But it is not as simple as it looks.

The degree of your success depends in a big way on the following 3 important factors:

How long you have held the card
The outstanding balance as against the credit limit
No record of late payments

If you fulfill these criteria, then you have bright chances of obtaining a lower APR. But don’t be discouraged if you fail.

Study all the available options so as to design the best strategy for guarding your credit. The best consumers are the ones who are aware of their credit, and the terms, policies, and conditions of companies offering credit to them.

So all you have to do is just pick up the phone and call your credit company.

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