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.
