AMANDA ASKED: How can I get my credit card company to lower my interest rate?
ANSWER: As crazy as it might sound one of the ways to get your credit card company to lower their interest rate is to ask them. Surprisingly some creditors can be quite reasonable and willing to work with you.
If your creditors aren’t reasonable and they are unwilling to work with you, then you may need to take a more formal approach. By filing a consumer proposal your creditors are prevented from charging you any additional interest. Also, you are able to compromise your debt and therefore payback less than the total amount you owe.
Filing a consumer proposal is an excellent option for people that can afford to make some payments to their creditors but just can’t afford to pay back the full amount they owe with interest. To see how much you might be required to pay by filing a consumer proposal you can use our Debt Options Calculator.
For more information about filing a consumer proposal or to review your current personal debt options contact my office and book a free, no obligation initial consultation.