I read a great article on the impact credit card interest rates have on your credit and how Credit Card debt can destroy your wealth potential.  The article (6 steps to reducing your credit card interest rates) was written by Jay Peroni and was reprinted  on ChristianPF.com.

Step 1: Find out your current interest rates on your credit cards.

Step 2: Shop around and find what competing cards are charging for interest.

Step 3: Call your credit card companies and ask to speak to a supervisor or manager. Use competitor rates to negotiate your rate down. Keep escalating your request up to the next manager if you do not get the answer you are looking for from the first manager you talk to. Be persistent. Don’t back down.

Step 4: While you are at it, negotiate to have your late fees reversed. This is also negotiable. Be prepared to fight back.

Step 5: Set up your future payments to that company to be made au­tomatically. Either use a bill-payment company or have your monthly payments scheduled to automatically hit before their respective due dates.

Step 6: Continue making the largest monthly payment you can make—above the minimum payment.

Read the rest of the article here.