thomaslewis•6mo ago

Question about credit card interest rates

Called my bank and asked for a lower rate. They actually agreed to it. Now my monthly payment is way less.

4 comments

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4 Comments

hugo506mo ago

Just watch out, a lower payment can mean paying more interest over time.

3

paul1996mo ago

So you pay more interest with lower payments?

7

jackson.sarah6mo ago

But what if you invest the money you save each month?

5

lucasm296mo ago

Hugo50 is right about the interest, but that's only one side of it. If you take the money you save each month and actually invest it well, those returns could beat the extra interest you pay. A lot of people just spend the extra cash, but if you're strict with it, investing the difference is a solid plan. The math can work out in your favor if your investments grow faster than your loan's interest rate.

2