I have a credit card that I am currently paying 14.24% interest on a balance. I'm working on paying the balance off. In the meantime, what's the best way to lower the interest I'm paying on the balance? Is this even possible?
Look for offers for 0% (or low) APR on balance transfers. It is more likely to get a promotional APR on balance transfer, than to lower the APR you already have. Of course, try to pay off the balance as long as you're in the period of the promotion, because otherwise you'll end up paying the high rate again.
If you cannot get such an offer (low credit etc) - then just try to pay off ASAP and start rebuilding your credit, not much workarounds there.
BTW: When you consider the balance transfer promotions - look at 3 things:
The promotion period - when it ends, so that you'd know how much time you have to pay it off.
The balance transfer fee - usually the balance transfer itself is not free, and you pay 3-5% on the transfer. If you have 0% APR for 12 months, it makes it effectively 5% APR (for the 5% fee), if the period is lesser - the APR is higher. Take that into the account.
The APR after the promotion, in case you can't pay off in that time frame.
Usually you need to switch accounts. Lower rate cards usually offer less generous benefits.
I'd advise looking at the charts on credit card rates in the back of a magazine like "Money" or "Kiplingers".
I don't recommend balance transfers. Like many credit card things, they distract you with shiny ("0 percent interest!") and ream you on a 'balance transfer fee'.
If you have a decent credit score and working relationship, talk to banks about opening what's called a 'signature loan,' and use that to shift the debt to a lower rate. A local credit union advertises rates 'as low as' 9.75 percent. Which is itself a shiny that you may not qualify for.
The really low loans rates you see are secured loans; if you don't pay, they can take the collateral.
The first thing I'd do is to find out your credit (FICO) score.
If you have a good one, try to get another card with a lower rate. Then call up the lender, point to your good score, and your alternatives.
If you have a bad score, do nothing. "Let sleeping dogs lie."