your credit card interest rate
Ever notice when
you carry a high credit card balance and just make the minimum
payment that your bill still keeps getting higher, even though
you haven't actually charged anything to it? That is because
you are charged interest, which is how the credit card companies
make their money. And the higher balance you carry, the more
money they make from you, just through interest alone.
Often, if you find
yourself in this situation, you can contact your credit card
company and request a lower interest rate. There are sometimes
conditions attached to this, such as you will revert back
to the higher interest rate should you miss a minimum payment.
If you are paying
18% interest, even a drop down to 9% or 10% can make a siginifcant
difference when you carry a high balance.
just won't reduce your interest rate, especially if you have
a high balance or tend to be late on your payments. You will
need to ask for your credit card interest rate be reduced
for it to happen.