Contact lenders about credit card debt interest rates

11/19/2009

When considering debt consolidation, consumers may try to contact their lenders in order to secure a lower rate on their credit cards.

That's the advice of Victor Garza, who recently wrote a piece for the Dallas Morning News' website. Garza was writing in response to a reader who was trying to find the best way for credit card debt consolidation.

Garza said that people should try and contact their lenders to see if they can get a lower interest rate rather than close cards that may have a lot of credit history behind them. Closing accounts may end up hurting a person's credit score.

"There is a good chance the creditors will choose to lower your rate and keep you as customer rather than letting you go."

Another thing people may consider when dealing with debt is going to a consumer credit counseling service. Such a service can help people set up a debt management plan for their credit cards. They can also help people construct a budget so they can avoid future credit card debt.

More Debt Consolidation News

07-28-2010

While defaults fall, debt consolidation may help pay off credit cards

07-27-2010

New regulations for credit card debt netting results

07-24-2010

Amount of defaulted balances drops, while debt consolidation could help others in trouble

07-23-2010

Obama signs unemployment extension after Congressional stall

07-21-2010

Debt consolidation may help as lawmakers call on Fed to look at rate increases

07-20-2010

Law center makes filing bankruptcy affordable, and debt consolidation may be alternative

07-17-2010

Defaults drop for Capital One, but consumers still in trouble may consider debt consolidation

07-15-2010

Debt consolidation from other people may provide avenue when banks reluctant

07-14-2010

Some still missing payments on bills in July, although debt consolidation may help

07-13-2010

FTC makes recommendations regarding debt collection practices

Related Resources