How To Get Rid of High-Interest Loans?
If you think you are paying a high interest rate and you got rid of it then, please don’t think you are stuck with it.
There are ways to get rid of high-interest rate loans. There are times when you don’t have any option and you want a loan urgently so that you agree to pay the high interest rate loans.
But, you feel serious pressure on your neck because of it. Here are some ways that you easily get your self our of high interest on your loans or credit cards.
By consolidating all high interest loans:
If you want to get rid of high-interest accounts, you have to consolidate all your high-interest rate loans into low interest rate loans.
For qualifying for lower interest rate you have to get a good credit score. It should be 700 or above credit score. To improve the credit history you have to make the payments of your loan in time.
Some lenders are so generous that they give you a chance of showing your collateral for lowering your interest rate.
But always research first, for the financial institutions and lenders when you are consolidating your high interest rate to lower interest rate.
Negotiate lower interest rate:
Have a talk with your lenders. In the US, a ratio of two third asks for lowering the interest rate and then they get it lowered by the lender.
It is a simple process, when you are paying your loan payments in time and you have improved your credit score, the lender will accept your thoughts on lowering the interest rate.
Transferring the credit card balance:
If the loan you are paying is in high interest credit card then you can transfer the balance from a high interest rate account to the new account with the low interest rate.
Some banks also give the new customers zero interest rate account. So, go search for better options.
Make sure that when your new account is changing into old account then your interest rate remain at a low state. Transferring the balance to the new bank will require a fee but still, it is better than paying high interest rate.