Step Number Two: Reducing Interest Rates On Your Credit Cards

Move the balance on your higher interest rate cards to your lower-rate cards

• Be careful here
• You don’t want to max out your cards - this can negatively affect your credit score
• Leave a good cushion of available credit on your card
• Call the credit card company and tell them you’d like to transfer the balance from a higher rate card to this one
• Ask them:  What is the process to do this?
• Double-check with them that you’re not maxing out the card by doing this

Take action:

• Pull out all of your credit card bills
• List the name of each credit card, the interest rate you're paying, the current balance, and the available credit amount
• Identify where you may be able to move funds from the higher-rate to the lower-rate cards
• Call the credit card company!

Good luck with it and please post your experiences with the process and any questions here!




Copyright 2012    Connie Livingston                  All rights reserved