Here are some strategies to achieve this:

1. Pay more than the minimum: always try to pay more than the minimum monthly payment. this reduces the principal balance faster and, consequently, the amount of accrued interest.

2. Make additional payments: if possible, make additional payments during the month. any additional amount reduces the principal balance, which lowers the accrued interest.

3. Consolidate debts: consider transferring your balances to a credit card with a lower interest rate or to a balance transfer card with a 0% introductory rate for a certain period. Make sure you understand the fees and conditions before doing so.

4. Negotiate with your bank: call your credit card issuer and ask for a lower interest rate. if you have a good payment history, they may be willing to reduce it.

5. Prioritize debts with high rates: focus your extra payments on the cards with the highest interest rates first, while making minimum payments on the others. this is known as the debt avalanche method.

6. Avoid new purchases: stop using your credit cards until you have significantly reduced the balance. each new purchase increases the balance and accrued interest.

Reducing the interest accrued on your credit cards is crucial to improving your financial health.

Translated by: A.M