Getting your payments reduced on your credit cards can make a significant difference to your monthly budget. The extra funds that you save can be put toward paying off your debt or stashed into savings. You can work with your credit card company as well as third-party businesses to get your payments reduced. Keep in mind that a good credit rating can assist you in getting payments reduced. Maintain a good credit history by making payments on time and never going over your limit.
Step 1
Stop using your credit card. The more charges you rack up, the higher the monthly payment will be. If you actively try to pay off your balance, the payments will be reduced. Aim to pay at least double the minimum payment amount required. To ensure that you do not use your credit cards, consider cutting them up or stashing them away for emergency purposes only.
Step 2
Call the customer service line of your credit card company. If your account is in good standing, the company may be willing to work with you and lower your payments. To get the payments lowered, find out if you qualify for a lower interest rate. Let them know you are considering transferring your money to a new account. This may encourage them to lower the monthly payments.
Step 3
Transfer the balance to a lower-interest rate credit card company. If your company is not willing to work with you, look for a credit card with a zero interest rate on transfers. Once the monies have been transferred, you should have a lower monthly payment.
Step 4
Consolidate your credit cards. A debt consolidation company can combine your payments and lock into a single interest rate which, in turn, lowers your monthly payments. Make sure you choose a debt consolidation business that checks out with the Better Business Bureau.
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