Did You Know You Could Negotiate These 4 Expenses?

According to a CNBC report, medical bills are the leading cause of bankruptcy in the United States. Even if you have health insurance, you never know when an accident or illness will wipe out your savings.

Paying medical bills is tough, but you may find that you can negotiate for a lower price.

In some cases, you can argue that service provider inflated the cost of your care. Patients have reported ridiculous charges for things like plastic gloves, the cup used to hold medications, and alcohol swabs used to clean your skin before an injection.

You can also tell the service provider or insurance company that you simply cannot afford to pay the bill. Companies don’t want to spend money on lawyers and collections, so they may agree to lower your bill to get paid.

If you have paid your monthly credit card bill on time for at least half a year, your bank might lower your interest rate. You’ve earned their trust, and you deserve a lower rate.

Of course, you have to reach out to the credit card company and state your case. They won’t automatically lower your rate. Doing so would mean losing revenue. But it is definitely possible to negotiate with the credit card company.

You may also find that you can reduce or eliminate credit card fees. Some credit card companies, for example, charge annual fees for managing your account. In truth, the companies make most of their money by collecting interest payments.

If the company thinks you will close your account over a $30 fee, then it will probably waive the bill to keep you as a customer. It’s worth calling about. There might be a better card out there for you anyway.

When you go to a store that sells furniture, mattresses, appliances, electronics, or even cars, you probably see price tags telling you how much each item costs.

Stores love it when customers pay the asking price because it means they earn more profits. Often, though, you can convince the stores to lower their prices.

You need to prepare for this kind of negotiation. Gather proof that other stores sell the item at a lower price. Show the salesperson discounts offered by local and online stores. Explain that you want to buy the item, but not at the listed price.

Some stores won’t budge because they have set prices. Others know that they have wiggle room to negotiate with customers. They don’t want to lose a $1,000 sale over a $50 disagreement. The store might make less money by negotiating, but at least it makes some profit and prevents you from buying from one of its competitors. You can even negotiate a cheaper phone plan or cable TV service using this technique.

It never hurts to haggle for a lower price. Remember, not getting a price reduction is the worst thing that can happen.