SERIES: Restructuring Debt – Part Two

Welcome to the latest series at JosephSangl.com – Restructuring Debt

I am excited to embark on this series of posts because interest paid toward debt is one of the largest obstacles to gaining traction for one's own Debt Freedom March.

Of course, one way to eliminate the interest is to sell some stuff and become debt-free.  But I recognize that for some people, they have debt that they are going to have to focus on and just pay it off.  If this describes you, then I trust that this series helps you gain speed in your Debt Freedom March! 

Part One – Know What You Are Paying

Part Two – Lower The Interest Rates!

There are several ways to lower the interest rate that you are paying on your debt.  Here are several ways that have been used very successfully.

Call The Debt Owner

This really catches some people off-guard.  For some reason, they believe that the interest rate is truly fixed on their debt.  Well, just as "fixed rates" on credit cards are not truly fixed and can be (will be) changed at any time, your "fixed rates" are negotiable.

Paying high interest on a debt?  Call the customer service line and try some of these lines out (only if they are true, of course!).

  • "I am really trying to eliminate my debt, but these high interest rates are really hurting my ability to do that.  Can you please lower the interest rate?"
  • "Can you please lower the interest rate on this loan?  I have been a very loyal customer, and I could really benefit from some help right now."
  • "What can you do to help me lower the interest rate on this loan?"

Things NOT to say …

  • "You stink.  Your company stinks.  You are lying, cheating, good-for-nothing scammers.  I wish a 1,000 SPAM e-mails per minute upon your life."
  • "You're ugly.  You're responsible for the recession.  I am going to talk about you on my Facebook page."

The first person you talk to will probably not have the authority to change the terms of your loan.  Be persistent and ask to speak to their manager.  I have had people tell me that it has taken several separate phone calls before they got their interest rates lowered.  Many times in spite of a great effort, folks have been unsuccessful and the interest rate was not lowered at all.  That brings us to another option. – Move The Debt – and this will be discussed in the next part of the Restructuring Debt Series.

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One Response to “SERIES: Restructuring Debt – Part Two”

  1. TurtleLover August 14, 2008 at 8:04 am #

    “I wish a 1,000 spam e-mails per minute upon your life” Wow that’s pretty harsh! tee hee tee hee (ok really that cracked me up!) Anyway… this step REALLY does work, when I did this I got 3 of my 4 rates lowered. That 4th one… well… maybe that’s step #3 ! A few phone calls can sure save a TON of money !!

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