• Do you check your credit card APR (Annual Percentage Rate) regularly?
• Why is it important to have a look?

Today banks are coming up with many policies which may seem very beneficial on the surface until you peep deep into the issue. If you are feeling confident that the new scheme of the bank suits you in a perfect manner, you might be disappointed later. It is because the banks have a tendency to increase their charges after the initial couple of months without prior information to you. You are paying them high interest rates of 18% - 20%. In US the payment average in interest rates is almost close to 18%.

Can I convince the bank to lower my interest rate?

We are quite optimistic about the whole issue. We actually feel that you could convince the bank about lowering your rates although it sounds quite unbelievable.

• Some customers are successful in convincing the bank by giving them intimation of breaking the deal.
• When you are a good customer, you have nothing to lose. Rather the bank is at a loss if you close your deal.
• Convincing the bank about lowering the interest rates can also depend on how regular and true you have been about handling transactions with the bank.
• But irrespective of your credit history, you should take this call, because you might experience another pleasant shock. In most of the cases the bank might even reduce their interest rates in order to retain you.
• It costs a huge sum of money for the bank to find a new customer.
• The business, the bank does, basedon a credit taken by you is huge and the competition is also intense.
• Banks are constantly in a competition to convince customers for their new credit schemes. And once you go for it, you are a valued and profitable customer for them. Thus they would like to retain you keeping in mind their best of interests.

How much can you save?

There is no fixed amount that you can save. If your current rate is 18%, you can force your bank to drop its rate to something even as less as 10%. This way you save a lot of money and pay only on the basis of the remaining 8%. A dollar saved is a dollar earned.

This saving depends on two factors:

• The amount you owe.
• The amount you are paying per month.

If you are looking to reduce your debt, we recommend you for debt consolidation. We have helped thousands of people suffering from debt problems. We offer debt consolidation and we have some exclusive articles on debt related topics. We promise you a debt free life away from all anxieties of debt.