Nicole Lapin

Pro tip, don't consolidate debt if you're just going to keep spending on your cards and rack up new balances.

This really only works if you are completely ready to stop the bleeding and shift into payoff

Or forget the balance transfer and call your card issuer and negotiate your interest rate.

Yes, you can actually do this.

I have done it before.

I have recorded it before, and it works more often than you think.

You just have to ask.

Here's what you do.

Call up the number on the back of your card.

Explain that you've been a longtime customer, that you've been making your payments on time.

Hopefully...

And you'd like to request a lower APR, especially given your history with the company.

If you've received better offers from other card issuers, mention that too.

And if they say no, ask if there's anything you can do to qualify for a lower rate, like a balance review or a credit check.

This can take about 10 minutes and potentially save you hundreds, if not thousands of dollars over time.

It is low effort, high reward.

Even an extra $25, $50, $100 a month on top of the minimum payment can shave months off your payoff timeline and save you serious money on interest.

Look, whether this credit card cap happens or not,

it's a symptom of a bigger issue.

Consumers are under serious financial pressure.