Yippeee! Today I took a big risk and decided to call Discover to see if I could get my interest rate lowered. I told the customer service representative that I wanted the rate lowered and after checking out my payment history they decided to drop my rate down 5 points starting on January 13th.

I am so incredibly happy because I did have a really high rate on that card. The interest alone from that card was more than the minimum payments on some of my other cards.

You may think that 5 points is not a big deal but when it comes to the interest charges on a credit card even one point makes a difference.

I see this as a good sign for 2007 and my improved financial well being. Remember it never hurts to ask….the worst they can do is say no. If that happens then you will be in the same financial spot you were in to begin with. If they say yes then you have improved your situation for both the short term and the long term.

I will definitely be able to save some money because now my interest charges will be a lot less. I will continue to pay off the debt as I had budgeted for it at the higher rate. This reduction in the credit card interest rate will have nice effect on my snowballing debt reduction.

The customer service representative even told me that I could call back in a few more months to get the rate lowered again. *does happy dance*