Having the flexibility to lower your monthly credit card payments can give you breathing room in your budget. It can also allow you to better afford to make your debt payments on-time.
Lowering payments is primarily accomplished through three ways:
- Use bonus or tax return to pay down unsecured (credit card) debt balances.
- Use your excellent credit rating to consolidate your debt.
- Lower your interest rates.
Since the first two methods of lowering payments are not always available, we will focus on the third method—lowering your interest rates. Interest rates directly affect your minimum payments.
Your minimum credit card payments are calculated by adding a portion of the balance with your finance charges. If you can get lower interest rates,then your minimum payments will drop.
If you are serious about getting lower credit card payments, contact one of our financial counselors. We can help you get lower payments through reduced interest rates!
