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With credit card interest rates near record highs, you may feel like paying off your debt is impossible.
In early 2025, Jadell Lee of Sacramento was hoping for even a small break in his interest costs, so he agreed to be part of an experiment to see if calling major credit card issuers and simply asking for a lower interest rate could actually work (1).
In some cases, it worked.
The experiment, run by CBS13 and the Cal Curtis consumer investigative team, created a script that consumers can use when calling their credit card company.
All they had to do was call, follow the script and hope for the best.
Lee had $34,000 in debt on nine credit cards, some with interest rates approaching 30%. He tried the experiment with his three credit cards: while two of the credit card companies said there was nothing they could do, another offered him a 0% interest option for 12 months on purchases made during that period.
“I can focus on paying off credit card debt, and not think about 28 percent — whatever the balance is — getting kicked every month. I’ll take it,” he told CBS13.
Lee’s victory may seem small to some, but it makes a big difference to him — and many others in his position.
Here’s what Americans are dealing with when it comes to credit card debt, and what you can tell your credit card providers to try to get a lower rate.
When it comes to credit card debt, one of the biggest problems Americans face is high interest rates.
As of January, the average APR — which is the annual cost of borrowing, including interest rates and fees — offered for a new credit card was 23.77%, according to LendingTree (2). And while it’s down from previous months, it’s still high. In fact, Forbes Advisor notes that those with bad credit scores can pay 30% or more (3).
This is difficult because on a high-interest card, more of your money goes toward paying interest than paying down principal. This means that it takes longer to chip in your balance. And, if you can only afford to pay the minimum, your debt will continue to grow.
To put that in perspective with some numbers, for someone with a $7,000 balance at the current rate of 23.77%, paying $250 a month would require more than three years to pay off their credit card — and they’d spend an additional $3,309.33 in interest and fees.
The result is that high interest rates can lock you into a cycle of debt, which is exactly what Lee is experiencing — seeing nearly 30% interest on balances each month — making it harder and harder to make meaningful progress.
CNBC reports that many consumers across the country are stuck in a cycle similar to Lee’s (4). As credit card and other personal debt reached a new record of $1.28 trillion in the fourth quarter of 2025, the Federal Reserve Bank of New York also reported that debt and spending patterns are diverging (5).
“You’re seeing evidence consistent with a ‘K-shaped’ economy,” a Fed researcher told CNBC (4). “Some groups are really struggling.”
A K-shaped economy is one where different income groups perform differently, often with widening wealth gaps.
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If you’re still not sure about taking matters into your own hands, is it possible to have someone else do it for you?
President Trump has at least considered the problem. On January 9, 2026, he posted on Indeed Social, asking the major credit card companies to cap interest rates at 10% by January 20, and saying that Americans are being “lost” by their creditors (6).
However, as USA Today reports, the call went unheeded (7).
“For anyone looking at their billing statement, waiting 20 to 10, I wouldn’t hold your breath,” said Stephen Cates, a financial analyst at Bankrate.
That’s why nearly 2 in 5 Americans say they’ll have more credit card debt by the end of 2026, and 42% think they’ll have credit card debt for the rest of their lives, according to WalletHub’s latest credit card debt survey (8).
It’s also no surprise that 1 in 5 Americans surveyed said they were “very stressed” about their credit card debt.
Still, many cardholders don’t realize rates are sometimes negotiable — or they assume banks won’t automatically say no. But even small drops in interest rates can translate into hundreds or thousands of dollars over time.
For example, someone who takes out $10,000 in credit card debt at a 28% APR will pay about $233 in interest in just the first month. If that rate drops to 20%, the monthly interest will drop to about $167.
That’s a difference of about $66 a month, or about $800 a year. More importantly, this is money that can go toward paying off the principal balance.
If you’re now convinced that you want to try getting a lower interest rate on your credit card debt and are looking to test the waters for yourself, you should plan ahead before you call.
For example, a script created by CBS13 and the Cal Curtis Consumer Investigation Team begins by asking about your current interest rate, then says: “I’ve been a loyal customer. I’ve seen other banks offer lower interest rates. Even zero percent on balance transfers. I was wondering how low you could get my interest rate (1).”
Experian, one of the three major consumer credit reporting agencies along with Equifax and TransUnion, also recommends that you start with the credit card provider you have the longest history with—especially if you consistently pay your bills on time. Or, start with the one with the highest interest rate (9).
“While the issuer is not guaranteed to say yes, you are more likely to find success if you have a history of on-time payments and your credit score is good or has recently improved. Sharing personal circumstances such as unemployment or other financial difficulties can also help you make your case.”
You can also mention that you have received offers from competitors for cards with lower rates. You will benefit more if you are a long-time customer with a good payment history or if your credit score has recently improved.
If they don’t want to drop your rate indefinitely, you can get a temporary rate reduction, like the 12-month 0% offer Lee has secured on one of his cards.
While you’re talking about lowering your credit card interest rate, you might want to consider how you can save money on other recurring expenses.
According to Forbes, the national average cost of full coverage car insurance in 2025 will be $2,149 per year, or $179 per month (10). However, rates vary widely depending on your state, driving history and vehicle type.
By using OfficialCarInsurance.com, you can easily compare quotes from multiple insurers, such as Progressive, Allstate and GEICO, to make sure you’re getting the best deal.
In just two minutes, you can find rates as low as $29 a month, giving you hundreds of dollars extra each year to pay off your loan.
Once you’ve committed to the idea of renegotiating, it’s worth calling all of your credit card providers, even the ones with the lowest rates – after all, every little bit helps. In fact, a survey by LendingTree found that 83% of people who applied for a lower interest rate on their credit card in the past year received one (9).
This statistic alone suggests it’s worth making the call—even if you’re not sure what the answer will be.
However, if you’re trying to get your credit card company to lower your rate but you haven’t had the card for a long time, or you’re late with payments, for example, you may have better luck with other strategies, such as balance transfers or debt repayment strategies such as the snowball or snowball methods.
For example, Lee had nine credit cards, so maybe he wanted to explore options to consolidate his debt and get rid of at least a few cards.
Another way to get rid of high credit card balances requires some discipline — but living a virtuous lifestyle for a few months or years can help you get your debt under control and unlock a life of greater financial freedom.
And it all starts with making a monthly budget.
If you’re looking for an easy way to get into the habit, tools like Monarch Money can give you an overview of your financial situation.
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As you start tracking your expenses, you’ll probably find some surprises—and want to look for ways to cut back on your expenses so you can put more funds toward paying off your debt and other goals that are really important to you.
One of the traps of high credit card debt is that it’s easy to fall back on. Using a credit card for unexpected expenses can be devastating when you’re working hard to reduce the balance. Something goes wrong, and you suddenly have expenses that you didn’t plan for.
That’s why the mainstay of financial advice is to build an emergency fund.
Dave Ramsey recommends saving at least $1,000 in a starter emergency fund before you start your debt repayment journey (11). That way, you can avoid taking on additional debt if the worst happens.
Saving more — up to six months’ worth — is also important to ensure you never rely on credit cards again, avoiding the hefty 20% to 30% interest you pay on your balance.
If you’re looking for a reliable place to store your emergency fund, consider a high-yield account like the Wealthfront Cash Account. It offers both competitive interest rates and easy access to your cash when you need it.
The Wealthfront Cash Account currently offers a base variable APY of 3.30%, and new customers can earn a 0.75% boost for a 4.05% APY on their first three months of up to $150,000. That’s more than 10 times the national deposit savings rate, according to the FDIC’s February report.
With no minimum balance or account fees, 24/7 withdrawals and free domestic wire transfers, your funds stay accessible at all times. Additionally, Wealthfront cash account balances up to $8 million are FDIC-insured through program banks.
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CBS News (1); LendingTree (2), (9); Forbes (3), (10); CNBC (4); Federal Reserve Bank of New York (5); @realDonaldTrump (6); USA Today (7); WalletHub (8); Experienced (9); Ramsay Solutions (11)
This article provides information only and should not be used as advice. It is provided without warranty of any kind.
