Consider using the pre-approved credit card applications received in the mail to control your debt instead of discarding them. Use the introductory rates offered with those cards as leverage with your current credit card company.

        WARNING:: Never throwaway pre-approved credit card applications. Be sure to always shred them to protect from identify theft.

        The interest rate associated with credit cards is not locked. The rate can be altered. Contact a credit card company using the 800 number provided on the back of the card or on your billing statement. Politely request the interest rate for the card be reduced to a more attractive rate stating the current rate is unacceptable. The company may grant your request, if not then refer to any pre-approved credit card applications you may have received in the mail along with indicating your balance will be transferred to the other card unless a competitive offer is provided. The credit card company would like to continue receiving additional income from you; therefore they will probably match the rate on the application in hand. If not, then request to speak to a supervisor or manager politely restating the same statements above. If you still have no luck then apply for the other card, transfer the balance, then cancel the previous card(s).

        Be aware some companies will charge you interest on the transferred balance immediately, while others will treat the transfer as a new purchase offering a grace period. In any case, you will be better off than with the higher rate credit cards.

        WARNING:: Credit card companies provide a balance transfer request asking you to indicate the amount to be transferred. Be sure not to enter more than the balance of the card. The reason is because a payment will be sent for the amount requested even if it is more than the balance. The result will be a negative balance in the account giving the impression you have extra money to spend frivolously.


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