Don’t be afraid to negotiate big purchases, experts say

Negotiating some things you might not think about could save you big money.

Credit Card Debt in the United States sits at an all-time high. Combine that with record-high interest rates on those cards and millions of Americans can feel like the walls are closing in.

“Typically people land in credit card debt for practical reasons. The top answer is unexpected expenses some sort of emergency, medical bill or home repair or car repair. Second is day-to-day living outpacing a paycheck,” Ted Rosmann, Bankrate Senior Industry Analyst said.

Rossman said large purchases can often add to the debt but as is often done with buying cars and homes, some consumers are now turning to negotiating with sellers to lower costs.

>> Local airplane maintenance company to layoff over 50 employees, close its doors

“I don’t think you can go into Walmart and ask for a lower price but I think small businesses might be more willing to weigh with you, home services providers, really a lot of services,” he said.

Services like cable providers or phone companies might be talked down and Rossman said don’t forget to ask the credit card companies themselves for a lower interest rate or even low annual fee.

“You can do that with your cable company, your phone provider, your insurance company, there are a lot of bills that can be negotiated. It’s often no harm no foul right? It doesn’t hurt to ask,” he said.

Rossman also suggests asking all service providers to waive late fees as well and remember local businesses may be more willing to work with you can come done on a price than a national chain.

©2023 Cox Media Group