You may be well aware just how easy it is to get yourself into credit card trouble. Month after month your balance grows and grows and you get deeper and deeper in debt. A quick and easy way to get into trouble is by not paying your balance in full or by making just the minimum payment each month.

As time passes by, your debt has increased exponentially. Up and up it goes with no end in sight. You try to dig yourself out by the interest rates are making it impossible. 50% or more of your monthly payment could be interest, So what can you do? Make a phone call.

Let your credit card company know that you are trying your best to reduce your credit card debt and you could use their help. Tell them that you are a long time and valued customer and ask them what they can do to help you.

Don’t take no for an answer, keep on them. Do not be rude or pushy but be persistent. If you keep at them, they may just lower your interest rate a couple points and if they do, that couple of percentage points can make a huge difference in how quickly you can pay off your debt.

For example. Your credit card balance is $7,500 and you pay a monthly rate of 16 percent. Your monthly payments are $250. On this schedule, you will have your bill paid off. In three and a quarter years! And your interest that you will have paid out in that time is over $2100.

Now, let’s say you call your credit card company and negotiate an interest rate of 12% instead of 16%. Now, it will take you 36 months to pay off your debt and your total interest payments will be $1461.55, saving you around $700 in debt. If you can manage to pay $300 a month the results are even better. You will pay off your debt in only 29 months and pay $1173.66 in interest!

Do not fall into the trap of paying only the minimum. If you pay the minimum each month at the same interest rate we started with, you will see that it will take DECADES to pay off your debt and the interest you will end up paying….well…you could be a compact car with it.

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