As credit card companies are increasing interest rates and fees in anticipation of new credit card laws going into effect in 2010, now is a good time to call them and negotiate lower rates. Most customers won't take the time to call or do anything about the increased rates, so you stand a good chance at getting your account negotiated to lower interest rates. You won't know if you don't try, so here are 5 steps to lowering your credit card interest rates:

Step One: Get Your List Together

Using a pad of paper or your computer, make a list of all of your credit card accounts. Include the total amount owed and the interest rate you are currently paying. Order your accounts so the highest interest is at the top and the lowest interest is at the bottom. You're going to start with the one that's costing you the most in interest payments each month.

Step Two: Collect Credit Card Offers

If you get credit card offers in the mail, collect a small list of the best cards with balance transfer offers. If you aren't getting offers, go online and look for credit cards with 0% balance transfer offers and find four or five that you can refer to when talking to your existing credit card companies. If you're calling Mastercard, you will want to reference Visa, Discover and/or American Express – don't compare your card to another Mastercard issued card.

Step Three: Call Your Credit Card Companies

Start with the top of your list and call your customer service representatives at your credit card companies. Ask to speak to someone who is authorized to make changes with interest rates – it usually requires a supervisor and you may have to insist to speak to one if the first person you speak with doesn't immediately transfer you. Be insistent, but not rude.

Step Four: Ready to Move

If your requests for negotiating a lower interest rate isn't working, politely let the representative know that you will be opening an account with one of the other companies you researched prior to making the call, to take advantage of their 0% balance transfer offer (or whatever the promotion is). Chances are, you will begin another round of negotiations with the representative because they are trained to do what they can to keep you as a client. If they do nothing more to assist you, try to move your balance to a new card.

Step Five: Consider Closing Your Account

Be careful that you aren't closing too many credit card accounts too quickly. When you close accounts you reduce your available credit, which makes the utilization of credit appear higher – and will lower your credit score. Always close accounts that have annual fees or monthly maintenance fees even if you aren't using the credit cards; but consider leaving accounts open and unused if it isn't going to cost you to do so. This will keep your credit score intact.

If you do intend to close the credit card account, chances are you will get a generous offer from your existing credit card company now, in an effort to keep you as their client. If they can't match the offer of the other credit card you intend to transfer the balance to, don't hesitate to close the account.