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Interest Shopping

Author - A Credit Shopper

Because I carry credit card balances, interest rates are important to me. Small differences in interest rates make a large cost difference over time, and I want the cost of my debt to be as low as possible. Paying any more than I have to would mean getting less out of life than I could.

I try to keep track of my credit scores and know how they translate to interest rates that might be available to me. When my credit scores improve, I ask my existing credit card issuers to reduce my interest rates. Sometimes they will, and if they don't, I may shop around for better credit cards with lower interest rates.

Even if my credit scores are not improving, I may still ask for interest rate reductions. It doesn't hurt to ask. Or I may take advantage of credit card offers I receive in the mail if they offer lower interest rates and their other terms and conditions are satisfactory.

For me, interest rates on the debt that I carry are extremely important. The lower the interest, the sooner I will be able to eliminate my debt, and stop renting money. My creditors must give me the lowest possible interest to earn and keep my business.