To reduce a credit card payment and/or interest rate, contact the credit card company to make such a request. State your preferred terms to the company representative and do not phrase your request so that it can be answered with a "yes/no" response. The credit card company's willingness to reduce your payment and/or interest rate will often be based upon factors such as the prevailing economic climate, your payment history, and length of time using the card.
If you are unable to reduce your interest rate and still want to reduce your debt as quickly as possible, use PowerPay to begin paying off your debt faster. PowerPay, developed by Utah State University Extension, is a tool to assist consumers in paying credit card debt. Go to the following Web site: https://powerpay.org/. Select your state of residence and follow the on-screen directions.
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