If you have a high balance on your credit cards, you may be finding it difficult to even make the minimum payments on the accounts. When you send in just the minimum payment, you are not going to make a significant dent into your debt and your interest will only continue to accrue. But by contacting your credit card company, you may be able to convince them to lower your payment amount.
Step 1
Maintain a good payment history with the company. Credit card providers will be more inclined to work with you if your account is in good standing and your history shows that you stay within your limit and send in your payments on time.
Step 2
Contact the customer service line of your credit card provider. Work through the phone tree in order to speak to a live representative about your account and getting payments lowered.
Step 3
Ask if the company would be willing to lower your interest rate. If you have been a good customer, they may be able to give you a more competitive rate. A lower annual percentage rate (APR) means a lower monthly payment. You can use the savings to send in larger payments to get rid of the debt quicker.
Step 4
Let the credit card company know you are considering transferring the balance to another card with a better interest rate. To avoid losing your business, the company may be more open to lowering your payments and reducing your interest rate.
Step 5
Check back often. If you receive a no at first, you should wait a few months and then try again. Keep your account in good standing during this period. If the company refuses again, you may want to look for balance transfer cards that offer you a better deal.
Tips and Warnings
- If you want the entire balance reduced, you can offer a lump sum payment to the credit card provider. Providers may consider taking a lesser amount as long as you can pay it at once.
- Avoid using the credit card if you want your payments reduced. As your balance climbs, so will your required minimum payment.
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