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Chapter 11. Putting Your Debt Management... > Lower Your Interest Rates

Lower Your Interest Rates

You can speed up any debt repayment plan, or free up more cash for other goals, by getting your interest rates down. Here are some of the best places to try:

  • Credit cards. If your credit scores are good, call your credit card issuers and ask for lower rates. You can mention other low-rate offers you've received in the mail, or check the Web sites of big issuers like MBNA, Bank of America, and Citibank for competitive offers. Alternatively, you can consider (carefully!) transferring your balances to a low-rate card. For more information, review Chapter 3, “Credit Cards.”

  • Mortgages. If rates have dropped or your credit has improved significantly since you got your loan, refinancing might lower your rate and payments. But you need to beware of “quick fix” solutions that might leave you worse off in the long run. Review the information in Chapter 4, “Mortgages.”

  • Auto loans. If you owe less on your car than it's worth, you may be able to refinance to a lower interest rate. See Chapter 7, “Auto Loans.”


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