How Do You Reduce The Cost Of Debt?
Debt is a tricky thing to get rid of because you must pay off the balance you owe, plus interest, finance charges and, possibly, late fees. Paying all of these extras every month may leave hardly any money left for reducing the principal balance. If you keep paying but the balance you owe creditors never seems to change, it might be time to seek out new solutions. Call your credit card company, and ask for a lower interest rate. According to an article written by Lucy Lazarony for Bankrate.com, 50 consumers called their current credit card companies in March 2002. More than half were granted the lower interest rate they requested. Transfer the credit card balance to a company offering a lower interest rate if your current credit card company will not decrease your rate. If you make the same payments, but the interest charges are smaller, more of the money paid will go toward the principal balance. Pay bills on time. Your mortgage company, the bank that provided your car loan and your o
