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The average American household is carrying more than $9,000 in credit card debt, with the interest rates on their cards averaging
16 ½ %.

$9,000 x 16.5% = almost $1500 per year in finance charges.

You may be overlooking one of the simplest and surest ways to immediately put a dent in your debt: Lower the interest rate you pay on your credit card balance. If you're paying more than 15% on your credit cards, listen up.

We're going to show you – step by step – how to slash your credit card interest rate and put hundreds of dollars back in your pocket. Before we get into switching to a new card and closing old accounts, let's see if we can get you a better deal with your current credit card company.

Credit card companies are pulling out all the stops to sign up customers. Competition is driving companies to lengths we've never seen before. And they're not just after new customers … they're doing cartwheels to keep the customers they've got. Use this competition to your advantage.

Over the next few days, take a peek at any credit card offers you get in the mail rather than throwing them right in the shredder. (We're getting about three offers a day at the Dolan household!) What interest rate are they offering? You probably don't even have to look inside the envelope – most times it's splashed in big, bold type right there on the outside. If any of these offers has a lower interest rate than you're currently paying, you've got the ammunition you need.

Before you chuck the envelope, check one more thing. Most of these flashy claims are only introductory interest rates that go up after six months or a year. To find out what your real interest rate will be, all you have to do is look for the "disclosure box," or as we like to call it, the "all the things we don't really want to tell you but we're required to by law" box.

In this box, you'll find the card's normal interest rate after the teaser rate ends. Finding the real interest rate in the disclosure box will keep you one step ahead in the negotiation game with your credit card company, as you'll see in a minute.

Now, with your account number in hand, call your credit card company (the phone number is on the back of your credit card or on your monthly statement) and say, "I'm calling about account number XYZ. I have been a good customer for (the number of years you've had your account.) I have gotten quite a few offers for credit cards with much lower interest rates than you are charging me. I would like to keep giving you my business but cannot do so unless you can lower my interest rate today."

The person on the other end of the phone will probably respond something along the lines of, "Oh, that's just an introductory rate … you'll end up paying much more when the real rate kicks in within a few months." We want you to respond by saying, "I understand that this is an introductory rate, but even after the permanent rate kicks in, their rate is still lower than what you charge me. Can you lower my rate or should I take my business elsewhere?"

Now, don't be at all nervous about making this phone call. Either your credit card company says yes or they say no … no big deal. Worst-case scenario: They say no and you still lower your interest rate by opening a new account someplace else. Is that so terrible? We don't think so! Best-case scenario: They say yes and you immediately start saving money with a lower interest rate on your balance!

Worth a five-minute phone call, wouldn't you say?

Want more tips on how to beat the credit card companies at their own game? Then get your hands on a FREE copy of our new special report, "8 Secrets Your Credit Card Company Doesn't Want you to Know". Learn 8 simple ways to slash your fees, erase your debt and never fall victim to credit-card traps again! Just click here to read this special report free online now!