How to get credit card interest lowered - have bad credit

Discussion in 'Writing Off Debt' started by Diego, Aug 8, 2016.

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  1. Diego

    Diego Newbie

    I need to know how to get credit card interest lowered. I have a lot of credit card debt and I have missed a lot of payments because I'm finding it hard to meet the minimum payments. My credit has suffered and now I have bad credit which means I can no longer transfer my credit balance using zero percent credit cards to move debt and save on interest. I'm also finding it hard to make all my minimum payments. I've considered taking out a consolidation loan but I've been rejected credit so many time. If anyone can give me some advice I would appreciate it, I need to know how to get credit card interest lowered so I can manage my debt. Thanks in advance.
    Shobir likes this.
  2. Shobir

    Shobir Administrator Staff Member

    Admin Post
    It sounds like you are experiencing financial difficulties. If you are having trouble making minimum payments or are borrowing money to pay debt you need to stop because you'll get deeper into debt. You must contact all your creditors to let them know about the situation you're in. Fill out a income and expense form just in case they want proof. Once you submit all the information to the credit card company they are more than likely to freeze interest and lower minimum payments for at least 6 months.

    if the credit card companies refuse you should get in contact with a debt management company or a debt counselling charity to help you fight your case for free. If you are suffering from depression or anxiety you could ask your doctor for a report stating the effect of debt to your health. All of this should help you freeze your debt and maybe even reduce your outstanding balance of you offer a partial payment. The only downside to doing this is your credit score will be effected negatively. So you must consider this plan properly before you make a decision. Good Luck.

: creditcards, debt

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