<prompt> Human: I have one credit card that has a very high monthly amount due, and very high interest 31.99. I already tried to get them to lower the interest and they said they cannot. Should I call back and ask to cancel? what if they just let me cancel instead of lowering it? Any other advice besides pay it... I NEED to get it down in order to make a dent?Assistant: very high interest 31.99Jesus. Thats why your minimum payment is so high. What is the total balance on the card, and what is your minimum monthly payment amount? Depending on the exact figures, its quite possible that they cant lower your monthly payment - you have to at least pay the total interest that accrued for the month, otherwise your balance would just grow to infinity. Should I call back and ask to cancel? what if they just let me cancel instead of lowering it?No, canceling the account doesnt mean you dont have to pay anymore. Youd still owe the money, and it would continue to accrue interest, you just wouldnt be able to use the card anymore which you shouldnt be doing anyway. Any other advice besides pay it... I NEED to get it down in order to make a dent?The only thing you can do is try to transfer the balance to a card with a much lower interest rate. You may or may not qualify for something much better, but if you could move it to a card with a 0 APR for 18 months or something like that, it would vastly relieve the interest pressure at least for a short while and allow you to make a bigger dent in the principal, even if it comes with an upfront 3 transfer fee.Human: Yes, I know cancelling wont relieve me from payments, but I heard if you threaten to cancel sometimes they will lower your interest for you.I tried getting a card to transfer balances, but they wont give me a credit limit high enough to do that. I have about 8000 on the card 320 monthly payment. And I dont use it, but with the interest and not being able to pay more than the minimum, I have not been able to lower it.I do see i have some payment protection on the card that charges me around 80 every month. I will go ahead and cancel that.  <response>: I heard if you threaten to cancel sometimes they will lower your interest for you.Sorry, I guess I misunderstood your point about canceling. Youre a very profitable customer for them, so they may want to keep you using the card. Its certainly worth a shot. I tried getting a card to transfer balances, but they wont give me a credit limit high enough to do that.Any amount you can transfer to a lower interest rate is likely better than nothing. You dont need to get all 8000 off the card at once, though obviously the more the better. I do see i have some payment protection on the card that charges me around 80 every month. I will go ahead and cancel that. Oh man, do this right away, its a total ripoff.With an 8,000 balance at 31.99 APR, youre paying somthing like 215 in interest every month. Plus 80 for payment protection. That means every time you send in a payment for 320, only 25 of it is reducing your principal balance. Thats why youre not making a dent.At this rate, if you continued on this path it would take you almost six years to pay off completely and cost you a total of over 22,000. If you eliminate the payment protection charge and lower your monthly payment to 240 a month, it will take seven years to pay off and will cost you a total of almost 20,000.If you eliminate the payment protection charge, and continue to make 320 payments every month, it will take you three and a half years to pay off and cost you a total of a little over 13,000.If you can transfer some or all of the balance to a lower interest rate, and continue to make large monthly payments, youll have it paid off even sooner and pay even less in interest. 