Can you lower your credit card interest rate without hurting your credit score?
Summary
Credit card interest rates are high right now, with the average rate over 22%, making debt harder to manage. There are ways to try lowering your credit card interest without harming your credit score, such as asking your card issuer for a lower rate, enrolling in hardship programs, or using balance transfer cards.Key Facts
- The average credit card interest rate is now 22.15%, which is higher than usual.
- The Federal Reserve will meet in mid-September and likely won't lower interest rates; they might raise them to control inflation.
- Asking your credit card company for a lower interest rate usually does not harm your credit score if no hard inquiry is done.
- Credit card hardship programs can reduce rates or payments but might limit your account, which can affect your credit score.
- Balance transfer cards offer low or 0% interest for a period, helping reduce interest charges but usually require a hard credit inquiry that may temporarily lower your score.
- Credit card debt with high rates can become increasingly difficult to pay off.
- It is important to understand how different strategies affect your credit before choosing one.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
