Freedom Debt Management

Here are a few tips for self help debt reduction. 

Once you have a handle on your overall debt load, begin calling each credit card company and ask for a reduced interest rate.  Your payment history with the card company will be a factor in negotiation, so if you have been late several times, they may not be willing to negotiate.  But still call and ask.

If you have little luck with getting your interest rates down, then apply for a credit card with a low interest balance transfer rate.  Ideally, you would look for a rate that is locked in for the life of the transfer, instead of being low for a period of time (6 - 12 months) then rising again.  A few important points though when it comes to balance transfer rates, there is most commonly a fee associated with this, so read the fine print.  This can be up to 5% of the amount transferred (with no limits).  Also, do NOT use this card for anything else - no additional purchases or transfers.  Do not commingle a balance transfer offer with new purchases, as the credit card company will take your monthly payments and apply them to the lowest interest rate first, therefore charging you a higher interest rate on the additional purchase balance.  Many consumers are unaware of this little loophole - and it can be a costly misunderstanding.

 
photo credit: dno1967

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