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The APR on your credit card is not carved in stone. The banks want you to think it is nut it is actually quite volatile and, with a 5-minute phone call you may be able to move it down by a third or so.

Now most of use are intimidated when it comes to dealing with banks and similar institutions.. But, despite what we may think to the contrary, they actually are approachable even if they do their best not to be approached.

So gird your loins and front up to them. You want a lower interest rate? The answer is simple. All you have to do is -- Ask for one.

Yes it can be as simple as that. And, almost unbelievably, you stand a slightly better than even chance that you will get it lowered. And a lower rate could save you hundreds maybe thousands of dollars every year. From a 5-minute phone call this sounds like well worth trying. Even if you fail.

According to the Federal Reserve the average credit card holder in America is struggling with a total credit card debt of over $10,000. Making only the minimum monthly payments of 2% on this debt would cost almost $1 500 in interest in just the first year and would take longer to pay off than an average home mortgage.

Rather than attempting to pay off this debt by borrowing and taking on more debt or taking out a loan on your home, getting your interest rate lowered would seem the far better option.

And it might be easier than you think. Dont be intimidated just get on the phone to your bank or credit card supplier and tell them that you consider that your APR is too high and you would like it lowered. Tell them that unless your rate is lowered you would change to another company. Make the call today and start saving right away.

In a recent survey by Masspirg 50 consumers did just that. With one 5-minute phone call 28 of them had their ARP lowered from an average of 16% down to 10.47%. These are impressive figures and represent a huge savings in interest payments.

However all is not as it seems is it ever? The cloud may not have a silver lining.

Your success or otherwise depends to a great extent on three rather obvious things:

the length of time you have had a particular card
the unpaid balance compared with the credit limit
a history of no late payments.

If you can satisfy these then you stand a very good chance of getting a reduction in your ARP. But, dont be put off if you cant. Just give it a try. Nothing ventured nothing gained.

As Jennifer Davis Carey, Director of the State Office of Consumer Affairs and Business Regulations says, "The best defense is a good offense. It is important to learn all of your options in order to have the best strategy for protecting your credit. The best consumers are those who are informed about their own credit, and the terms, policies, and conditions of institutions extending credit to them,"

As one of the people participating in the survey commented -- "I never realized I could call my credit card company and get a lower rate just by threatening to switch companies, Everyoneand I mean everyoneshould do this."

And, of course, shes right. Dont delay another minute get on that phone right now before you talk yourself out of it.

Remember the old saying; its the squeaking wheel that gets the grease. You can be that squeaking wheel.

Or if you want something, ask for it. You might or might not get it but if you dont you are no worse off than you were before.

Michael Perrin

Please visit http://felicitasio.com (loosely translated as "Oh frabjous day") for more musings on the ubiquitous credit card and gateway to the "Credit Secrets Bible" - a must for all of us who may be in financial strife - and who isn't?"