Want to Get Out of Debt Faster? 4 Things to Ask Your Credit Card Company Right Now

Cindy Wang is a planning excellence insight lead at Northwestern Mutual.

The 2024 Northwestern Mutual Planning & Progress study finds that between 2019 and 2023 the amount of personal debt Americans held, exclusive of mortgages, had been dropping marginally year-over-year—but in 2024, that trend has reversed course with personal debt having ticked up 4 percent over the last year.

Credit card bills are the main source of debt, at 28 percent (more than double the secondary source, car loans, at 13 percent). If you carry credit card debt, you’re probably already pretty familiar with a lot of the advice out there meant to help you use your credit cards more responsibly: Try to pay your balances off in full every month. Have a plan to pay off your debt in five years or less. Put your cards on ice—literally—if you’re having trouble with overspending.

But even the most diligent among us may sometimes feel as though we’re spinning our wheels when it comes to credit card debt. The situation isn’t helped by the fees and high interest rates often charged by credit card companies.

All those extra costs have the potential to add up big time, particularly if, like a large percentage of Americans, you carry a balance from month to month. But have you actually asked your credit card issuer to see if it’s willing to change the terms of your credit card so they tilt a little more favorably in your direction? Odds are, if you’re like a lot of people, you haven’t even tried.

So here are some suggestions for questions you should consider asking your credit card company and tips to help improve the odds your request will be successful.

1. Will you waive my late fee?

Many of us have experienced that oh no! moment: You realize your credit card payment deadline has passed and you end up sucking up a late fee, which can range anywhere from $30 to $41, according to HerMoney.com.

But card issuers may actually be more merciful than you think: Nearly nine of 10 people who ask to have a late fee waived are successful, according to a recent survey.

Having a pristine record of paying on time and a legitimate excuse for dropping the ball (for example, an illness or family emergency) may also increase your chances of getting the fee forgiven. Whether they accept your request is completely up to their discretion, but a good and timely payment history makes it much more likely that they will accept your request for forgiveness. To avoid missing the payment deadline in the future, you can set up automatic payments for the minimum balance due.

2. Can you lower my APR?

If you plan to ask for a lower annual percentage rate (APR), be prepared to make your case. For example, keep all the snail-mail solicitations other credit card companies have sent you so that your company knows you’re being courted.

Telling the representative that you’ve received other offers for a much lower interest rate from other credit card companies but that you really don't want to leave the company you are with can really help. Even if they don’t agree to match a competitor’s rate, they may still agree to some rate reduction.

If you’ve been a longtime client, it also helps to courteously remind the customer service rep of that fact. If they still refuse to cut you a break, politely ask to speak to a supervisor. Explain your situation and tell the individual how much you’ve enjoyed having your account with the company—and that you’d prefer not to leave. Many companies will be willing to offer a deal if they know you are thinking about leaving.

Seventy percent of those who ask for a lower interest rate end up getting one, according to a LendingTree study. But if that doesn’t give you a motivational boost, use a debt repayment calculator to estimate just how much faster you could pay off your debt with a lower APR.

For example, if you carry $5,000 of credit card debt at 18 percent interest that you pay down at the rate of $100 a month, it’ll take you almost eight years to pay off that card. But if your interest rate is 15 percent, it’ll take you about six and a half years. (Side note: This might also be a good time to figure out how much you’d have to pay each month to pay off your balance in five years—or less.)

3. Can I change my due date?

If you think you’d be more likely to pay your balance off in full during a certain time of the month, consider asking your provider to change your due date to a day that’s more convenient for you. For example, if you get paid once a month on the first of the month, you may find it easier to have the payment due earlier in the month rather than later, when you may have already spent your money on other things.

Just be aware that if you carry a balance and you’re pushing your due date out—say, from the first to the 15th—you’ll be paying finance changes on those extra days that your balance would be accruing interest during your first changed billing cycle.

Also, depending on how much lead time you give your credit card company, your date change may not take effect right away. So make sure you plan accordingly to avoid risking a late fee.

4. Can I set up a spending limit?

Since a credit utilization of higher than 30 percent has negative impact your credit score, it’s a good idea to aim for a credit balance that is lower than 30 percent of your total credit limit.

Setting up a spending limit with your credit card company can help you achieve a lower credit utilization ratio. You can ask to set up an overall spending limit for the credit card account—and many credit card companies will also allow you to set up a spending limit per transaction.

By setting up your own credit limit you can avoid maxing out your credit line and stay within your planned budget. Taking these problem-solving initiatives could ultimately give you a better feeling of control over your finances in general.

If you find you need more help creating a strategy for paying off your debt as well as saving for the future, your Northwestern Mutual financial advisor can help you craft a personal plan so you can accomplish your financial goals.

Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP^®, CERTIFIED FINANCIAL PLANNER^®, and CFP^® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.