Getting a lower interest rate from your credit card company is easier than you think. In many cases, all you have to do is call and ask.

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So flip over the back of your credit card and dial the 800 number for customer service. Not sure what to say?

Here's a sample script suggested by the U.S. Public Interest Research Group. It's short and sweet.

Hi, my name is [Your Name]. I am a good customer, but I have received several offers in the mail from other credit card companies with lower APRs. I want a lower rate on my card, or I will cancel my card and switch companies.

You can throw in additional details if you wish. For example, if you're a long-time customer or you've never been late with a payment, go ahead and tell them.

The main thing is to make it clear that you will cancel your card if they don't give you a lower interest rate. Be persistent.

If a customer service rep can't help you, ask for a supervisor.

If you get turned down, don't cut up your card just yet. Give them one more chance. Make the same call another day. You may reach a more cooperative customer service rep. You may be sent to an agent who specializes in keeping customers who are threatening to leave.

Once again, be persistent and make it clear that you'll close your account if your interest rate is not lowered.

If your card company really won't budge, it's time to start looking for a better deal.

Many got reductions from 18 & 19% down to 9 - 11%

I heard it and thought that I should come to tell of it - so, thanks McPeg.

I think that the experiment was carried out in London, England, wasn't it?

They were rather diplomatic - spoke of how long they'd been with the company, had always been prompt with payments, etc., ... but was the requester claiming to have some financial difficulties at the time?

I was rather surprised at the ease with which they achieved their objective ... and the percdentage of the requesters who succeeded: six of ten, wasn't it?

Maybe we should rent a small office and put out a shingle offering to help folks get their credit card interest rates reduced, whadda ya think?

Have a great, interest-free weekend, everone.

ole joyful

I'm still wondering ...

... in some parts of our sub-culture, "PK" means "preacher's kid".

ole joyful

I'm wondering how much of a reduction they might have been able to achieve with the store-issued card people - that usually charge 25 - 28%.

Unless the stuff that you bought is tax-deductible ... that interest must be paid with after-tax income, folks.

If you're in 20% tax bracket, it means that when you earn $5.00, you pay tax of $1.00 and have $4.00 left to buy things.

So if your interest rate is 28%, divide that by 4 to get 7, then add the 7 to the 28 to make 35.

You earn $35.00, pay $7.00 tax and have $28.00 on hand to pay that interest on $100. purchase (suppose you were dealing with a year, but you must pay some monthly ... but usually the required amount is only slightly above the amount of interest added that month).

Which means that if you pay only minimum monthly, or slightly more ...

... that bill will run (almost) forever.

Oh - you figure to die before "forever"?

Right ... most of us do, don't we?

Good wishes for paying your non-deductible debts down quickly (and probably the deductible ones, as well).

ole joyful