29 May How can I get credit cards to lower my interest rates?

Q. How can I get credit cards to lower my interest rates? I will never see an end to my bills. On a very tight budget.
— Drowning

A. We know times are tough for so many because of the coronavirus. It’s even tougher if you had credit card debt going into the pandemic.

But you can tackle your credit card debt.

To get credit cards to lower interest rates, you can call and negotiate your interest rate with your creditors, said Karra Kingston, a bankruptcy attorney in Union City.

Simply call and ask.

“It’s up to the creditors whether they will agree to lower the interest rate or not,” Kingston said.

She said it might be best to start with the card you have had the longest.

“If you have had a good, long standing credit history, they may be more willing to help out,” she said.

If the card company won’t make an offer, look around for credit cards with low- or zero-percent rate cards to see if you can transfer your balances. A lot will depend on your credit history. If you’re successful, this will take the pressure off, but if you don’t accelerate your payments, eventually, the regular interest rate will kick in and you could be back where you started.

Either way, you should try to pay more than the minimum payment if you can.

Kingston said if you can’t meet your basic necessities each month and your credit card debt just keeps accruing, it may be a good idea to think about filing bankruptcy, which may be able to eliminate your debt completely.

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This story was originally published on May 29, 2020.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.