Tips to reduce or eliminate credit card fees and save money | 7 On Your Side

NEW YORK (WABC) -- The average credit card interest rate today is over 27%.

So, if you're struggling with credit card debt, you're not alone.

Many of us are carrying a balance of at least $6,000.

The good news is there are ways to bring your debt under control.

"All you really have to do is call and ask nicely," said Matt Schulz, Chief Credit Analyst, at Lending Tree.

Schulz said according to his recent survey, your chances of saving big bucks on interest and fees are the best they've been in years.

"Our survey found that about 76% of folks who asked for a lower interest rate on their credit card in the past year got one, and the average reduction was about six and a half points," Schulz said.

Let's say you owe the national average, of $6,864, on a credit card with 27% interest, sending monthly payments of $250, that would cost you $3,942 in just interest. Plus, it would take 3 and a half years to pay it off.

If you ask for a lower interest rate and it drops to say, 21%, and still pay $250 a month, you'd save $1,369 on interest and pay it off in just over three years.

Asking for a lower interest rate and getting it was a surprise to many credit card holders.

89% of folks who asked to have a late fee waived got their way.

90% of people who ask to have the annual fee waived or reduced were successful. 72% had it waived, 18% had it reduced.

For some people who did call and were told no, when they called back an hour later or even the next day when they got someone else, they were successful. Persistence pays!

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