1. 1.Call Your Credit Card Company - While this may seem like common sense, many consumers fail to take this important step. Ask for a customer service representative or department manager and let them know that you are currently shopping for lower credit card offers. Ask what their current, best interest rate offer for you is. Once they provide you with a number, let them know that you will be back in touch with them. You will often be surprised at how much lower your current credit card company will go with your interest rate just with a simple phone call.
2. 2. Shop Interest Rates - Now that you know what your current credit card companies are willing to offer you in terms of interest rates, begin to shop around with other companies to see what they will offer. Search for 0% introductory interest rate offers, begin to collect any promotional credit card offers in the mail and even speak with your current banking professional to see what kind of credit card interest rate offer they may be able to offer you. Compare the interest rate offers that you have collected to determine whether or not they are lower than what your current credit card companies are willing to offer you. But, before you make a switch, also consider a consolidation loan.
3. 3. Consider a Consolidation Loan - The next step in the process is to review your options for a consolidation loan. These loans are often offered through your current financial institution. Set aside some time to speak with your current bank officer and communicate your desire to consolidate your current credit cards into a single loan at a lower interest rate, in order to pay off the consumer debt off quicker.
4. 4. Compare and Contrast - Now that you have collected information about all of your available options, you can compare and contrast the interest rates and the offers. In addition to the interest rates, you also want to take time to review how long the promotional or lower interest rates are offered. Also review whether new purchases will qualify for the reduced interest rates or whether they only apply to balance transfers. With all of this information, you can make the best financial decision regarding your current credit card interest rates.

Working through these steps will not only help you to lower your current credit card interest rates, but will also lower your monthly minimum payment amounts and the total amount of time it takes you to repay your consumer debts.