I recently happened across a program on CNBC that was called “Millionaire Inside” and the idea of the program was that they had a panel of millionaires who gave advise and suggestions on things to do to become a millionaire.

One of the biggest ideas that they kept coming back to was getting rid of debt, and especially credit card debt. In doing this, they did mention the methods I discussed in part 1 and part 2 of my recent series on methods to pay off debt.

Another suggestion that was made was to get your credit card company to lower your interest rate. I have heard this piece of advice before and have tried to do this in the past by calling them up and have been unsuccessful in doing this.

When Larry (the panelist who was giving this suggestion) first mentioned this, I was reminded of the times in the past when I have done this and had no success. He then went on to say that if they say no that you should ask for a supervisor. If the first call is unsuccessful, he said to call right back at the end of the call.

The incentive and motivation for me to try again came at the end of his explanation when he said that if you call them seven times in a row and do this and do not have any success to email him through CNBC and tell them that it didn’t work. I don’t know what he or CNBC would do about it (if anything), but figured I may as well find out.

Today, I finally got around to calling my credit card company and the entire phone call took approximately 5 minutes and I had lowered my interest rate by nearly 5.5 percent.

Yes, calling the credit card company and asking for a lower rate really works. I didn’t believe it either based on past experience, but it does work. I would like to extend Larry’s challenge on to you. If you make 7 phone calls and talk to 14 people and do not get a lower rate, email him and/or CNBC and let me know what becomes of it.