Unfortunately over the past year I’ve carried a considerable amount of credit card debt mainly due to two failed attempts at being an entrepreneur. Thankfully I’ve had the financial ability to pay most of my credit card debt off. I only have a balance on one remaining card and I hope that I’ll be able to pay that off in full within the next 3 to 4 months.

The APR (annual percentage rate) on my credit was an astonishing 15.65%. Unfortunately like most people with a lot of credit card debt I didn’t think much about the interest rate and just paid down the balance as much as I could each month. This shortsighted approach most likely cost me hundreds of dollars in extra interest payments.

All it took was a four minute phone call to my credit card company to ask them if I qualified for a lower rate. Unsurprisingly I did and now it is lowered to an 11.65% APR – I say unsurprisingly because I’ve done this successfully in the past. The downside is that this is only a temporary rate decrease (for 7 months), but barring an unforeseen financial developments I should have my last credit card paid off well before the lower rate’s expiration.

I don’t know if this would work for someone who has issues with their credit (late payments, charge-offs, missed payments, etc.), but I guess it couldn’t hurt to ask. If you are carrying a credit card balance I encourage you to try this, just give your credit card company a call and ask for a lower rate. You have nothing to lose and everything to gain, the worst that can happen is they say no!

Of course it is best not to carry any credit card debt at all, even an 11.65% APR is outrageous. I’m hoping and praying I’ll be able to pay off this last credit card soon so that I can begin saving and investing again.