So, what’s the average interest rate on your credit cards? 10%? 15%? 20%? Higher?

You see, the thing that makes getting out of debt so difficult is the way the debt keeps growing. So if you’re paying more than 10% interest, getting out of debt is ridiculously hard. It’s like pushing a big heavy rock up a long steep hill. Because every month when you’re making minimum payments, you’re probably paying almost the same in interest! Let’s say you’ve got a $10,000 balance. There’s just no way you’ll get out of debt if your payment is $250 and your finance charges are $165.

You’re knocking off ONLY $85 a month. That means you’ll be about 150 years old before you get out of debt! I’m only kidding, of course. If you get the interest down to 15%, you’ll knock off another $41 a month ($125 total). And if you get the interest down to 10%, you’ll knock off another $83 a month ($166 total).

So, if you’re making the same $250 a month payment, would you rather have $85 go towards the principal or $165?

Over the course of a year, that’s a $960 difference (and that doesn’t even count the fact that each month your balance is lower, even more goes towards the principal!) I hope you see the impact this can have on how long you’ll stay in debt. So, other than praying that you get lucky and win the lottery, what do you do? Sure, there are credit card debt relief services that can do this for you. But you can do it yourself if you want.

Go grab your phone. Get your credit cards or statements. And start dialing. Ask to get a lower interest rate. Because every time you lower your interest rate, it’s like taking a chunk out of that rock, making it a little lighter. So you can push it a little bit faster. And if you hear “Sorry Mr. or Ms. Big Stuff but you don’t qualify for a lower rate” then ask for the person or department who can give you a lower rate. (And if you’ve gotten any of those offers in the mail offering you something like 3.9% interest rates on balance transfers, tell them when you call that you’ve got a good offer you’re considering, but you’d like to stay with your current credit card. Might help, might not. But it can’t hurt).

In most cases you’ll get at least a few percentage points knocked off the top. And more of your money will go towards paying off that nasty debt. Then, in a few months, guess what? Do it all over again. And next thing you know, you’ll be getting out of debt faster and that rock won’t feel so heavy after all!