How do I negotiate a lower interest rate on debt?

Call your lender directly and ask for a lower rate — it's simpler than most people think. Start by knowing your current rate, your credit score, and competing offers from other lenders. Tell the representative you've been a reliable customer and you'd like to discuss a rate reduction. If your credit score has improved since you opened the account, mention that specifically. If the first person says no, ask to speak with a supervisor or call back to reach a different representative. You can also use balance transfer offers or refinancing options as leverage, or actually follow through on them if the lender won't budge. For credit cards especially, even a small reduction can save significant money over time.