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Securing a lower interest rate can help reduce your interest payments over time and may even help you pay back what you owe more quickly. Here are a few tips to help you get lower interest rate:
It’s best to know what interest rate you could get if you opened a new credit card account today such as a loan or a line of credit. You can do this in a few different ways:
When you call your lender, be friendly, but firm. Use your research to highlight how much you could reduce your interest rate with another lender, and ask the customer service representative to match that interest rate and save you the hassle of switching lenders. Even if your lender doesn’t match another rate exactly, they may significantly lower your current interest rate. If the customer service representative agrees to make a change, make sure to ask for a written confirmation.
You should not feel obligated to stay with a lender that isn’t willing to work with you. In the process of building your case for a lower interest rate, you’re also becoming a better-informed customer. If your current lender fails to compromise, you can always use what you’ve learned to find a better deal elsewhere.
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