Get Gephardt: Tips for lowering your interest rates

Sep 19, 2022, 11:47 AM | Updated: Oct 13, 2022, 12:49 pm

SOUTH JORDAN, Utah — As interest rates go up, folks who are already feeling the pinch of inflation are finding it more expensive to borrow money. Ironically, it’s an effort to curb inflation that has the Fed raising rates which translates to consumers paying higher interest on everything from homes to credit cards.

But there are some simple things you can do to keep your interest rates relatively low says Jeff Wood, a financial planner at Lift Financial.

“Make sure that you’re calling your credit cards and asking them, ‘Can I get a lower rate?’” he says. “What are they going to say? No?”

If they do say no, be willing to leave. Credit cards often offer low, introductory rates sometimes as low as zero percent.

“You have the freedom to shop around and to be able to look at different cards,” Wood says.

The biggest factor in the rate you’ll pay is your own credit score. Anything you can do to build that up makes it easier to score a lower rate:

  • Don’t max your cards
  • Make payments on time
  • Check your credit report for errors
  • If you fall behind, talk to your credit card company

“Don’t just call it and say, ‘You know what, I guess I missed that one.’ Get a hold of the [creditor]. Let them know what happened. Ask, ‘Hey, can I make this payment still, can I get it taken care of?’”

Wood says the best way to beat rising rates is to pay off your bill at the end of each billing period. Do that and you’ll avoid being charged interest and don’t have to worry about it.

KSL 5 TV Live

Get Gephardt

Matt Luers says the "No Soliciting" sign at his Sandy home is hard to miss, but solicitors continue...

Matt Gephardt & Sloan Schrage

What are the rules & your rights when ‘No Soliciting’ signs don’t keep salespeople at bay?

While many Utahns put up signs to keep solicitors from knocking on their doors, a man in Sandy says the knocks keep coming. He decided to Get Gephardt, who explores what those signs really mean.

10 months ago

Car driving...

Matt Gephardt

How you can lower your car insurance costs even as rates continue to climb

It would be a good time to double check with your insurance agent and make sure you are getting all the discounts available to you. Auto insurance rates are catching up with the costs of, well, everything that has gone up thanks to inflation.

10 months ago

(KSL TV)...

Matt Gephardt and Cindy St. Clair

Layton woman struggles to claim money owed to her from her dissolved business

Utah's Unclaimed Property Division has millions of dollars that it wants to reconnect with the rightful owner. But for a Layton woman, getting her money back has been easier said than done. So she decided it was time to Get Gephardt.

10 months ago

(KSL TV)...

Matt Gephardt and Sloan Schrage

Get Gephardt helps Utahn get refund for not-delivered TV

If you pay hundreds of dollars for a new TV, you expect to GET the TV. But when a West Jordan woman couldn't get her TV or a refund, it was time to Get Gephardt.

10 months ago

Cancelled overseas tours...

Matt Gephardt, Cindy St. Clair and Sloan Schrage

Get Gephardt: Utahns say they’re out thousands after South Jordan travel company cancels overseas tours

Imagine paying thousands of dollars for a once-in-a-lifetime trip, only to have the travel company cancel it on you – twice.

11 months ago

Tax scam...

Matt Gephardt

IRS warns of tax scams as filing deadline rapidly approaches

Procrastinators - it is crunch time! We are less than a week from the IRS filing deadline, which makes this week especially treacherous.

11 months ago

Sponsored Articles

Stack of old laptops with dark background...

PC Laptops

Old Laptop Upgrades You Need to Try Before Throwing it Away

Get the most out of your investment. Try these old laptop upgrades before throwing it out to keep it running fast and efficient.

Happy diverse college or university students are having fun on their graduation day...

BYU MBA at the Marriott School of Business

How to Choose What MBA Program is Right for You: Take this Quiz Before You Apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.

Close up of an offset printing machine during production...

Les Olson IT

Top 7 Reasons to Add a Production Printer to Your Business

Learn about the different digital production printers and how they can help your company save time and money.

vintage photo of lighting showroom featuring chandeliers, lamps, wall lights and mirrors...

Lighting Design

History of Lighting Design | Over 25 Years of Providing Utah With the Latest Trends and Styles

Read about the history of Lighting Design, a family-owned and operated business that paved the way for the lighting industry in Utah.

Fiber Optical cables connected to an optic ports and Network cables connected to ethernet ports...

Brian Huston, CE and Anthony Perkins, BICSI

Why Every Business Needs a Structured Cabling System

A structured cabling system benefits businesses by giving you faster processing speeds and making your network more efficient and reliable.

notebook with password notes highlighted...

PC Laptops

How to Create Strong Passwords You Can Actually Remember

Learn how you can create strong passwords that are actually easy to remember! In a short time you can create new ones in seconds.

Get Gephardt: Tips for lowering your interest rates