By guest contributor, David Silverstone from Credit Card InsiderCredit cards interest rates are wreaking havoc on many Americans’ lives. The minute you leave a balance on these accounts, you’ll notice that debts continue to increase because of the interest payments, even if you aren’t adding to the debt. Over the years, you will end up paying so much in interest that you are paying much more for purchases than they originally cost. There are several ways of reducing debt, including at least five ways to lower the amount of interest you are paying.

Pay the Bills Early

The first thing you can do is make payments early. If you wait until you receive statements, you are giving their credit card issuers extra days to charge more interest.

Make Smaller Payments on a Frequent Basis

Rather than wait until you have a large sum of money to pay toward your …