Is your credit card interest rate ruining your finances? Try negotiating a better one

The average credit card interest rate in America is a whopping 24.8%. Interest rates that high can lead to your debt growing very quickly, so lowering your interest rate should be a top priority for credit card holders.

There’s good news for credit card holders who need a break from the record rates: Negotiating a better rate might be easier than you think.

According to a recent Lending Tree survey, odds are good that if you pick up the phone and ask for a lower rate, you’ll be successful in getting one.

The survey found that 76% of those who requested a lower rate on one of their cards in the past year, got one — with the average reduction being 6.5 points.

It also found that 90% who asked to have an annual fee waived or reduced were also successful.

And nearly 9 in 10 late fee waiver requests were granted this year alone.

Matt Schulz, chief credit analyst at Lending Tree says if you're facing financial challenges, don't hesitate to contact your credit card issuer.

“The fact that we're talking about 75%, 80-plus percent of people getting their way with these requests shows that it isn't just people with perfect credit scores, long track records, or even just particular card issuers that are allowing these things. It's most card issuers and most people and people who really need the help.”

Schulz went on to say that if your request gets rejected, keep trying.  Consider reaching out again to see if your luck may change.  He says if you’re friendly and open about your situation, you might find that people are more willing to help you than expected. And do your homework before calling your credit card issuer. Check their website for the lowest rate available and their policy on late fees.