A common misconception is that the rate on your credit card is fixed in stone. The reality is that you have the power to lower the rate on your cards. But no one is going to offer you a lower rate out of the blue. It's up to you, the savvy financial consumer, to ask.

Haggling for a low price is an American pastime. Haggling for a low interest rate, however, is not quite as common. Yet for millions of Americans who are saddled with credit card debt, this can be an easy way to save money. There are ways to lower the interest rate you're currently paying on your debt; but only you can initiate them.

Step 1: Call your credit card company

Credit card companies will go to great lengths to keep you as a customer. This includes lowering the interest rate on your card. But they won't do it unless you ask. Many people instinctively flinch at the thought of haggling with a lender for a lower rate; but the process can be surprisingly simple.

All you need to do is call your creditor, tell them that you have an offer for a lower rate elsewhere, and ask if they'll match it. Most companies will be eager to keep you as a customer and they'll lower the rate. If they refuse, move on to Step 2.

Step 2: Go with the other guy

It's hard to find an American who hasn't received solicitations from credit card companies. A typical American sometimes gets two a day. Instead of chucking them into the recycling bin, comb through them. You're more than likely to find one that carries a lower interest rate than your current plastic. You should also go online and search for credit cards. There may be an offer out there that beats your current interest rate.

A word of caution: Make sure that you're crystal clear on the specifics surrounding a new card. You'll want to know the interest rate, the balance transfer rate, and any fees that may be included with the card.

Step 3: Check your current cards

Store credit cards are notorious for high interest rates. You can realize immediate savings by transferring the balances of virtually any store credit card to a different card with lower interest. Keep those store cards, but make sure that you use them wisely in the future. Pay with them if you'd like; just be sure to pay off the balance in full at the end of every month.

As a consumer, you reign supreme in our society, but only if you advocate for yourself. There are plenty of different ways to lower the interest you're paying on your credit cards; but it's up to you to take action. Ask for a lower rate, and transfer your balances if you don't get it. It's the American way.