Video Transcript: "Magically Lower Your Interest Rates" A SpendLessTV.com Original video with Garrett B. Gunderson:

Hi! This is Garrett Gunderson, author of the New York Times best seller, "Killing Sacred Cows" and this is another Exclusive, with Spend Less TV.

You may be wondering: Hey, where can I find some extra money? Where can I free up some cash-flow on a monthly basis? I'm going to give you some insights that may be slightly controversial; I'll say that right out from the beginning.

You may have tried to call up your credit card companies and tried to negotiate to no avail, with no success; almost like they didn't want to even listen to you.

And, they probably didn't because you were with the wrong person! So, I'm going to give you some magic words that you can use with any credit card company, in order to save some money on those credit cards that you have out there.

#1) If you call and say, "I want to cancel my credit card," you're going to find you magically get transferred to someone else, and they're willing to talk to you about a different interest rate. So, "I want to cancel my credit card" is one of the first things that you can do when you call up that toll-free number that's on the back of your card and you want to get to the right person. See, if you talk to the first person that answers, they probably don't have authority to lower your interest rates; but if they think they're going to loose you as a customer, now they might be willing to negotiate.

On the other hand: what if you're a little big behind on payments? What if you're not the best customer for them right now? Well, in that case, you want to use some different words. And these words are maybe the controversial ones, but, "I might default on my credit care." Or, "I think I'm gonna default", or "What should I do if I think I'm going to default?" And then, they'll send you to the right person where you can start to negotiate.

Sometimes, depending on how late you are, they might be talking about a settlement, where you're paying cents on the dollar. Other times they might be talking about a more manageable payment, or lowering your interest rate, but see, you've got to get to the right division if you're going to save money on your credit cards.

Now, if you're behind on a mortgage: There's the home recovery act right now. There are some things you might be able to do to get a loan modification right now if you're behind on payments. There's actually free counselors on the Home Recovery Act web site. So if you go there they'll give you free FHA certified loan counselors and they'll tell you what it would take to lower your payment, and lower your interest rate on something as big as a mortgage.

On that site as well though, if you're current on your mortgage and you haven't had any 30-day late dees on that mortgage in the last 12 months they'll even work with you on a re-finance as long as it's under like $460,000 or something and possibly if the house is underwater or upside-down, where you owe more than it might appraise for. So that could be another good option.

There's also traditional loan modifications if you're behind on your payments, especially if you are 90-days or further, then you might be able to actually get a lower interest rate because they're going to try to save that mortgage. You might even get worse off where you're going to look at a short sale or you might even look at that short sale before a foreclosure because there might be some advantages for you. So re-finance, loan modification, those are some other things.

But if you're just doing well, you've got some equity in the home, but with interest rates continuing to decrease on an on-going basis you might want to call whoever holds the loan and ask if they're willing to do a streamline re-finance. A streamline re-finance means no new appraisal, it means no exorbitant closing costs, or mortgage fees, that they're basically keeping the same loan and just doing a re-finance without all of the extra hoops because you are good, you are on time, there's plenty of equity, they're in a safe position, they make it a lot more easy. And that, once again, depends on who has your mortgage, the state that your current home is in as for the appraisal value verses what you owe.

On car loans, or on any other type of loan, before you just go and pay any loan off, if you're really trying to get rid of anything that you've borrowed or any liabilities that you might have, look what ever the highest payment is in relation to the balance. So if you have a really high payment on a credit card that has a really low balance, you can pay that off and free up cash flow, and then attack one credit card at a time. Or, attack one car loan at a time.

And there's also, for the business owners out there, business lines of credit that you can get that won't impact your personal credit score. That can even be through a personal business credit card or regular business line of credit. The Small Business Administration is offering a lot of these lines of credit right now, even for those people who are having a little bit of trouble with cash flow. And how that can save you money is you can pay off really high interest rate credit card debt or really high interest rate loans, with better interest rates or even deferred payments or deferred interest.

So, those are some tips on what you can do from the loan standpoint with your personal finances, whether it's credit cards, car loans, mortgages, personal loans - all these things can apply.

You've got to get in communication, take some initiative, and once again, use those magic little words if it's a credit card.