Interset rate piquing your interest

High interest rates? You have the right to call and ask that they be lowered. You can save serious money just asking to have the interest rate on a loan altered. You will be amazed what lowering 1-2% on your interest rate can do for your ability to pay the loan off sooner and get yourself out of debt quicker. 


 

Being on your way to financial freedom isn't that difficult, you just need to know what to ask and how to ask for it.  
 
As your credit score improves so does your ability to negotiate interest rates on credit cards, car loans and mortgages. It's a little know fact that you as a consumer have the power to adjust /565896these rates, the trick is you have to call. The companies make large amounts of money off that interest you have been paying them for that loan. They certainly are not going to contact you and let you know that you are now able to save money on your side and pay them less. This is one of those times wherein you need to go out and get it yourself and not expect that something will be handed to you. It's not a bad thing to ask for a reduction in your interest rate. The worse thing that the lender can say is no or that you don't qualify, and then you are in the same boat you are now.

You would be amazed at how much easier it will be on your wallet if even one credit card or loan company lowers your interest rate by let's say 2%. this reduction can save you hundreds and possibly even thousands. Sometimes you have to threaten to close the account (be willing to close it when you say that, empty threats mean nothing to a large corporation). I have worked in the credit card industry, don't be afraid to ask for a supervisor to try to get what you want. 

Here's a breakdown-

If you have a loan for $7,000 and reduce it by 2% that is a savings of $140 for the year, that equates to being an extra payment and a half on that balance. This results in less time that it will take to bring that balance to $0 and more money in your pocket.