How to Negotiate Lower Interest Rates on Your Credit Cards, Student Loans, and Mortgage

Does consumer debt have you down? Well, luckily for you, a simple phone call can save you money if you know how to negotiate with your credit card, student loan, and mortgage lenders the right way. So keep on reading, and we’ll show you how.

How to negotiate lower rates on your credit cards

Step one: Figure out where you stand as a customer.

Have you been a cardholder for a long time? Or maybe do you have a solid history of positive payments? Find out any positives that can help your case and use them to your advantage. Come prepared with this information, plus the following:

  • The date you opened your account
  • Current interest rate
  • Average monthly and yearly balance
  • List of competitor rates

Step two: Call your credit card company.

Start off by telling them who you are, your card history, and then ask them to help lower your rate. If you’re unsuccessful on the first try, ask to speak to a supervisor and try again.

How to negotiate lower rates on your student loans

Step one: Determine where you stand.

Check what type of loan you have, and make sure you aren’t missing out on any offers for discounts.

Step two: Call them.

Be prepared with your loan and account information and details about any discount rates you found. Then, ask the representative to help you enable these discounts. If no discounts are available, ask if they can help you make your payments manageable in other ways.

How to negotiate lower rates on your mortgage

Step one: Make sure you’re in good credit standing.

Review your credit as mortgages are risk-based lending, and prepare your argument for receiving a lower rate. For example, did your income suddenly dip? This is a good reason to mention.

Step two: Make the call.

Reach out to your lender and let them know you’d like to have your rates lower. Explain your reasoning and come prepared with competitor’s interest rates. Then, stay persistent and ask about loan modification programs.

The bottom line here is that you have some power as a consumer, but you won’t know how much unless you try. So always try to negotiate your rates!

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