2 Easy Ways to Pay Less Credit Card Interest

Credit card debt has a special way of crushing your financial dreams. It’s a real battle to get that weight off your shoulders.

Say you owe $10,000, paying the average rate of 18%. You’d have to pay off $150 per month just to keep up with the interest. And then it starts all over the next month.

When they get out of credit card debt, many people suck it up and pay those inflated interest rates, thinking they have no other option. This leads them to pay hundreds -- even thousands -- of dollars of interest. It doesn’t have to be that bad.

Before you pay off your credit cards, try these two simple tricks first.

Ask for a lower rate

The most profitable credit card customer is the person who just pays the minimum payment every month, letting the interest accumulate. The bank loves them.

The last thing they want to do is lose you as a customer. Even if you’re paying off the debt, the bank still wants to make a little interest. Even if it’s at a lower interest rate. So phone them up and ask. The worst they can say is no.

Do a balance transfer

Getting a better rate from your current credit cards is certainly achievable, but it may be possible to pay nothing in interest as you pay off your debt.

Many credit cards offer huge perks for balance transfers, including no interest for six months. They want customers with a history of racking up debt. Savvy people can use this to their advantage, and pay off their debt long before the interest-free period runs out