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Todd
Call the credit card company. If you have been a good customer and no late pays, then you might be able to negotiate a better rate. If not, tell them that you will get another card to transfer the debt to. Sometime the squeaky wheel gets a lot of oil.
Scott
ask and you might receive…
Clinton
If you have good credit…with a FICO score of at least 680, then you are in a position to negotiate a lower rate…If you have really good credit…such as a FICO score over 720….just apply for a 0% balance transfer card then balance transfer the $5K to that one and cut up the old card…..If you have bad credit…you’re probably out of luck as that will put you in no position to negotiate lower interest rates.
Consumer Credit Counseling Services might be a bit drastic for this relatively small amount of debt….but if that’s the only way for you to get a lower rate then I guess it’s best…FYI: They will require you to cut up ALL your credit cards. Also, your credit report will be updated to say that you’re in a debt management program….This will greatly affect your ability to get new credit or to be approved for a mortgage or lease on an apartment…..