By Sally Herigstad
Does it ever seem like youíre making payments on your credit cards month after month and the balance never goes down? Itís no wonder, with the high interest rates many credit card companies charge. Most of each payment may be going to pay the interest expense.

Getting even a slightly lower interest rate can make a huge difference. For example, an interest rate of 2 percent less on a $5,000 balance could save you $100 in a year Ė money better spent reducing your balances!

The fastest way to get lower credit card interest rates is to ask. Assuming youíve been making your payments on time, all you have to do is pick up the phone and politely ask for a lower rate. Youíd be surprised how often you get what you ask for.

Here are a few tips:

You can find the phone number for customer service on your monthly statement.
If someone else is the primary cardholder, he should be available.
Know the current prime rate before you call. Your rate may be tied to the prime rate; for example, prime rate plus 10 percent.
If you donít get a rate reduction on the phone, write a letter.
Try again in six months, whether or not they lower your rate.

What if they wonít lower your rate? Maybe itís time for a new card. That rewards card with the free airline tickets may not be worth paying sky-high interest rates.

You might want to get a card with a low introductory rate and then work very hard to get the balance down to zero before the rate goes up. Deadlines can be motivating!

You could save hundreds of dollars in a couple of hours by finding your best interest rate. Thatís well worth the time spent.

For more info on how to spend less, get more and sweeten your life keep exploring all the info, updates, deals and coupons on RedPlum!