As a person who had over $40,000 in credit card debts, I can tell you how I lowered my APR and effectively paid off most of my debts in a course of a year.
First off, I did read Debt Cures by Kevin Trudeau, which help me understand the credit card companies better and that they are “evil”. (I highly recommended it for those of you with a lot of credit card debt but don’t know what to do about it.)
Anyways, you don’t have to buy the book, the lessons are pretty common sense and I can tell you in my words how to go about lowering your APR.
Here’s the Steps:
1. Call your credit card company. (or the next time you call them for anything)
2. Ask them to lower your APR.
3. If they tell you they can’t, ask them to talk to a supervisor.
4. Tell the supervisor that you have been a great customer (customer since 1990 for example) and you need their help so “please lower my APR”.
5. If they say yes, that’s good but if they say no, simply keep paying your bills on time for 2-3 months and keep trying again.
This simply call-method has effectively reduced my APR from 29.99% to near 9% now.
The hardest part is really making the call but do it if you got high APR.
Once you lower couple of your credit card APRs, the other ones will be a lot easier to bring down as credit card companies work together.