You will never get a reduction in your periodic monthly bills if you do
not ask. Having done so, what should you expect? That depends on a
number of factors, the chief one being, how willing is the payee to
negotiate? Equally important: how strong is your case?
The keys to presenting your case effectively are twofold. First, you
must be able to demonstrate a consequence that will arise if you are
required to continue paying a given bill at the present rate. Second—and
this is of the utmost importance—you must be prepared to enforce that
consequence if the payee balks.
Video: How to Reduce Your Credit Card Interest Rate
There is one other key that is almost as important and can mean the
difference between success and failure. Do not ask for an extortionate
reduction or you probably will cease to be taken seriously. You have
tools you can use, but use them wisely.
What Tools Do You Have?
The three tools you can count on are: competition, doing with less
and doing without. All three involve some effort on your part, but any
of them will result in less money being yanked out of your budget. Where
competition is readily available, that is the first card to play. If
competition is sparse or not a factor, then you must be able to
cut back or
cut out, and let the vendor know you plan to do so, absent any relief.
Let us look at some specific applications.
Video: Need to Lower Your Bills? Just ask.
Your Cable Provider and Associates
The extent to which your
cable provider must compete depends on your location, but it is a factor to
keep in mind. If you are tied in a package that includes your phone and
your internet, then the continuance or loss of your business may be a
more serious matter for the provider to consider, and you may be able to
get an advantageous deal for that entire package. If the answer is no,
there are certainly other internet and phone providers, but consider
this: do you really need your cable? At any rate, do you need your
premium channels? You can belong to a DVD subscription service, rent all
the premium cable shows you watch, and forget about the other stuff.
Mortgage Loan Modification
As of this writing, the situation is very fluid.
Legislation is being considered to make this option more feasible. To a
disappointing extent, mortgagees are not showing much inclination to
negotiate, considering that foreclosure is no more in their interest
than it is in the borrower’s. It does not hurt to ask, but one may have
to be patient.
Electric and Other Utilities
If you are a homeowner, then you have options, especially where local
co-ops have developed to compete with the established utilities. Your
best bet for savings, though, is to
economize. If you are a renter or a condominium owner, paying utilities through
your fees, then you have less say-so. You might try to negotiate a lower
rent or condo fee—or forestall a raise—by frugality over the previous
months.
Car Insurance
Rates vary in this field. It is worth your time and effort to shop
around, considering what even a good deal in car insurance is going to
cost you. Also, make sure you are carrying what you need. If your car is
paid for and not so new, do you need such a low deductible or even
collision? Yes, it would be a real setback if the car were totaled, but
if the trade-in value was not all that high, then why saddle yourself
with the fat premium?
Overall you need to work with your creditors, negotiating modified
payment plans. Decide which bills do you pay first. Tips for consumers
who need help in knowing what to do first, when they find themselves
over their heads in debt can be found
here.
You will never get a reduction in your periodic 
Rates vary in this field. It is worth your time and effort to shop
around, considering what even a good deal in car insurance is going to
cost you. Also, make sure you are carrying what you need. If your car is
paid for and not so new, do you need such a low deductible or even
collision? Yes, it would be a real setback if the car were totaled, but
if the trade-in value was not all that high, then why saddle yourself
with the fat premium?