188: How to Get out of Credit Card Debt | Feedback Friday

Lower Rates

Negotiating lower interest rates on credit cards can save you thousands of dollars. Jordan Harbinger and Jason DeFillippo share a script from Ramit Sethi to help you do just that. By calling your credit card company and mentioning competitive offers, you can often reduce your APR significantly.

I used to have a 37.5 percent APR on my AmEx cards because I missed a few payments. I called them up and they went from 37.5% to 14% with a phone call. Boom. Easy enough.

--- Jason DeFillippo

This simple negotiation tactic can make a huge difference in your financial health 1 2.

   

Debt Confession

Deciding whether to tell your family about your debt depends on your family's support structure. Jordan and Jason discuss the pros and cons of disclosing debt to family members. While some families may offer emotional or financial support, others might add stress.

I would share with the people who care. That's always good if they're supportive and who knows, your family might give you a loan to pay it down over time.

--- Jordan Harbinger

Ultimately, the decision should be based on whether sharing will alleviate or exacerbate your stress 3 4.