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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.
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