“Here are the exact words to use”

If you have a deep debt, a five -minute call can save you thousand dollars. This is what the financial guru Ramit Sethi told his followers in a recent video about Get out of the debt. He even offered a script you can use to make the call.

“Here are the exact words to use,” said Sethi.

Essentially, SEPHI recommends that anyone who has debt will call their credit card company and ask for a lower APR. Credit card companies do not have to comply with any application, but knowing the basic foundations of negotiation can go a long way to achieve a more favorable APP.

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Credit card companies want you to have a balance, but they don’t want you not to make debt. If you have a high balance and only made the monthly minimum payments, you can explain to your credit card company that you are committed to aggressively pay your debt next week.

These are the exact words that SETHI recommends using when you make this request. Note that you do not have to use the exact words, but they serve as good guidelines.

“Hi, I’m going to pay my credit card debt more aggressively from next week, and I would like to reduce my interest rate.”

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This request may not be enough to ensure a lower interest rate. The representative can press you why you need a lower interest rate, but Sethi was prepared in his video. Its recommended approach is to take advantage of the fact that you have been a long -term customer and that other credit card companies offer better rates.

If you have credit card debts, the company has made a lot of money over the years. They do not want to lose you, especially if you have been a loyal customer for several years.

The example of Sethi represents someone who has been a client for eight years. These are the exact words he recommends.

“I decided to be more aggressive to pay for my debt. Other cards offer me half (from) what you offer. You can reduce my rate 50% or only 40%? I have been customer for 8 years and would you rather not change the balance to a low interest card. Can you match the other credit card rates or can you go down?”