Sometimes it's the most obvious questions that provide the best answers. If you're racking your brain on how to pay down your credit card debt despite high interest, it might have occurred to you to simply ask your credit card company for a lower interest rate.
It's a simple idea; almost too simple, which is why you probably shrugged it off without giving it a second thought.
Well the fact of the matter is you can ask your credit card company for a lower interest rate, and more often than not they'll even give it to you. Assuming you payment history with your credit card company is pristine and your balance low, most card issuers will be open and eager to please, especially with so much competition in the market today.
Even a modest interest rate reduction can make it a difference when it comes to paying off your bill, so it's certainly worth attempting this with your current issuer. That said, if you have good-to-excellent credit and are hoping to wipe out your interest fees entirely, one option to consider is making a zero percent interest balance transfer to a new credit card.
We're harped about balance transfer credit cards in the past, but aside from paying down your debt entirely they're the only way to eliminate interest rates for an extended period of time. Credit cards like the Discover it - 18 Month Balance Transfer Card offer 0 percent interest on a transferred balance for 18 months; think about how much debt you could pay down interest-free over that time period.
But if you're only interested in lowering your current interest rate, call up your credit card provider, back up your argument with your good credit history and simply ask them politely for a lower rate. It never hurts, and could save you a decent amount of money each month on interest.