How to Pay Less Interest on Your Credit Card Bill

Pay Less Interest on Your Credit Card Bill


On average, most Americans carry over $6,000 in credit card debt.

When you consider that credit card companies can charge up to 20% or more in interest, it’s easy to see why people get behind on their credit card bills.

If you’ve gotten yourself into such a predicament and want to stop paying so much in interest, you need some strategies. Here are three proven ones.

Payment Strategies

The easiest way to avoid paying interest on your cards is to pay them off in full each month.

People who do this typically use their credit cards for some specific reasons like regular payments for professional memberships, athletic clubs, some utilities or other recurring expenses.

These people automatically put aside money to pay their credit card bills and don’t carry a balance from month to month.

This allows them to have the credit-building advantage of being a credit card holder without all of the debt and the interest.


Pay Less Credit Card Interest

Using A Personal Loan

Some savvy credit card holders will leverage a personal loan to obtain a lower interest rate and pay less on their credit card bills.

This is how it works.

They take out a loan that has an interest rate lower than that of their cards.

They then pay their cards off with the loan, usually saving big bucks in the process.

According to Money Stash, personal loans are paid off over a series of regularly scheduled payments over a specified time frame.

Once the consumer has made all the loan payments, that’s it.

There are no more payments, and no further interest will accrue.

Negotiate With Your Credit Card Company

If you’ve gotten behind on a credit card bill for some reason, you might try negotiating with your credit card company to get a lower interest rate or even a debt reduction.

Most companies balk at this because it means less money for them.

However, credit card companies want to be paid at the end of the day, and many will agree to such an arrangement under the right circumstances.

Usually these circumstances have to do with the customer being in financial difficulty or on the verge of bankruptcy.

Credit card debt is unsecured, which means there is no collateral to back up the loan.

If you must file for bankruptcy, your credit card company probably won’t recover much from the process.

If they deal with you directly, they’ll still recover all or some of the principle that you borrowed, and your credit card debt may become more manageable, making it easier for you to pay it off.

You can also contact a debt consolidation program, like National Debt Relief, for assistance.

Too much credit card debt can make you feel as if you’re drowning, particularly when you factor in the interest payments.

In fact, just getting control of your interest can be a game changer.

You’ll pay less on your cards over time, leaving more for you, your investments and your life.

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