Surveys show that Americans are now saving less cash than ever before.  Along with that, Americans are carrying a heavier debt load than ever.  It’s easy for a home loan, a car note and a handful of charge card bills to get out of hand, and many people are struggling with more personal debt than they can repay.  To make matters worse, recent changes in bankruptcy law will make it more difficult to file for bankruptcy for individuals who simply am not able to pay their debts.

There are quite a few solutions available that allow most people to lower their interest on their personal debt, greatly reduce their total monthly payment, or both:

Ask for a lower interest rate on your credit card.  If you have been making payments regularly, and you have not had a history of late payment, you might be able to reduce your interest rate on your credit cards simply by phoning your credit card company and asking them!  It doesn’t work every time, but the market for charge cards is extremely competitive at the moment, and a lot of lenders would rather reduce your rate than drop you as a customer.  It’s worth asking. Continue Reading