5. Negotiate a Lower Interest Rate

Most credit card companies are open to reducing your interest rate if you’ve been a loyal customer who pays on time. Even a 2%–5% reduction can save hundreds or thousands over time.

How to ask

• Call customer service and request a rate review.
• Mention competing offers or financial hardship.
• Be polite yet firm.

Best for: Anyone struggling to manage high interest.

6. Explore a Debt Management Plan

Through a credit-counseling agency, you can enroll in a debt management plan (DMP) that consolidates payments and potentially reduces interest rates through negotiated agreements.

What to know

• Typically lasts 3–5 years.
• May require closing credit-card accounts.
• Involves a monthly service fee.

Best for: Individuals who need structured support and professional guidance.