Consumers who have unsecured credit cards have been able to benefit from certain aspects of the CARD Act over the past months as protections against sudden interest rate increases and reviews that are required if a rate increase occurs have been some provisions that allow cardholders to keep their interest rate low, particularly for those who are in a good financial position in terms of their credit history and payment practices. Yet, as factors in the economy like unemployment, decreases in home equity, and further problems related to the personal lives of many consumers remain in place, consumers are constantly looking for ways to lower their credit card interest rate and gain more affordably when it comes to using their card or keeping a balance.
While, again, consumers who are able to benefit from required reviews that some credit card lenders must conduct for their customers, there are other practices that cardholders have been able to use when it comes to lowering their credit card interest rate on unsecured cards. However, consumers do need to understand that a lower rate on their card does not mean that more spending or carrying a balance will be optimal, as proper credit card use is still being stressed by many financial advisers no matter what rate a consumer may have on their card.
However, for those who are struggling under the weight of their credit card interest and are finding that the overall cost they must meet on their credit card purchases is becoming too problematic, there are some who have simply contacted their credit card agency or begun the process of improving their credit score, both of which can lead to more affordability in terms of interest, not only on a credit card but in other financial areas as well.
Those who talk with their creditors in the hopes of getting a more affordable rate usually have to be in a position where they have a good payment history, keep their debt levels low, and are in a position where their credit score is quite positive, meaning they are responsible consumers. There are some credit card agencies that simply raise rates over time for certain consumers, but if these men and women contact their credit card agency and request a lower interest rate, this could be one method of receiving a lower interest rate on a card, particularly at the present time, since there are many credit card lenders advertising offers for a wide range of consumers.
Reports in early 2011 suggested that more credit card offers were going to be made this year than in 2010, so many credit card agencies are of the mind that consumers are not struggling when it comes to finding credit that could be more affordable. However, consumers do need to know that some cards that may look appealing could only be advertising an introductory rate, so before turning to a card that seems to be more affordable, consumers may benefit more from simply focusing on paying down current credit card debts, keeping their balance low so that interest rates will not be as much of a factor, and simply talking to their creditors to see if there are any opportunities for lower rates on their current lines of credit.