It is no secret that Americans love credit cards. Studies show that 75% of people in the country have at least one credit card and the average credit card holder has approximately $5,000 in debt.
While credit cards can be extremely useful, carrying a large balance on a monthly basis is a bad idea. The interest rate on a card can be as high as 25%. Yet some people pay much less —13% and even 9%.
Here are five steps you can take to get your interest rate reduced as much as possible.