Many borrowers are looking to reduce their debt load. Paying down the debt is the only way. With high credit card interest rates, the majority of a borrower's payment is going to interest and not principal. Reducing the interest rate is the only way to pay down the debt faster.

Call The Credit Card Company

Research your credit card history. Make a note of how long you have been a customer of the card and your payment history. If you have had on time payments for a full year, you have a case for a lowered credit card interest rate. Call your current credit card company and request a lower interest rate. If you do not succeed in the first call, call back again on the next day to get another customer service representative. If you do not get a rate reduction, ask for a supervisor.

Get Other Offers

Call competing credit card companies and see if any will offer you a credit card balance transfer for a lower interest rate than your current interest rate. Call your credit card company back with the competing offers and ask for a rate match. If they do not match your rate, transfer the balance to the competitor.

Debt Consolidation

If all else fails, try a debt consolidation loan. Using the equity built up in your home, a refinance or a home equity line of credit could be used to pay off the credit card debt for a much lower rate. If you are not a homeowner or do not want to tie up the equity in your home, consider a personal debt consolidation loan. While it will have a higher interest rate than a mortgage, it should have a lower interest rate than the credit card.

Source:

BCSAlliance.com: Ways to Reduce Credit Card Interest Rate

BankRate.com: Reduce Credit Card Debt