Extending a Low Rate
by Scott Bilker
Ask Scott your question! Scott Bilker is the author of the best-selling book Credit Card and Debt Management. He's also the editor and publisher of DebtSmart.

Scott BilkerScott,
In the past year I left a considerably higher paying job for which I was in six years, to take a less stressful and lower paying one. Consideration of debt was a difficult one in this transition. I knew I would now be making less money to pay off the debts incurred but never realized how difficult it would be. I am now paying the minimum required and know that I will never get out of it this way. Any suggestions? Have moved most debt to lower rate cards, but the time on those is running out. Can I request that my rate remain the same since I make my payments on time?

You can request that your rates be lowered but they're not going to do it unless you give them a good reason. That reason is that you'll transfer your balance to another bank unless they lower your rate.

Now that you have a lower-stress job you may want to consider earning extra money in your spare time. I know many people that have successfully cleaned up they're house plus made some extra cash selling their old stuff on eBay.com.

Also, be sure to make a complete list of all your financial obligations, mortgage/rent, phone, credit cards, cable tv, etc. and figure out how that works with your current income. This list of monthly payments is part of the roadmap you'll need to make the right financial decisions.


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