The quickest and easiest way to have your interest rate lowered is to call the credit card issuer and indicate that the only way you will be able to afford continuing to pay is if the interest rate is lowered, and cross your fingers that it will cut the rate.
You do not mention any other credit card debt or home or car loans, so it is difficult to determine whether you have other options available to you. You also do not mention whether you have gone over your limit at any time or were ever late with a payment. This can affect your interest rate.
Credit Card Interest
A credit card issuer has the right to increase the interest rate under certain conditions, and in accordance with the Credit CARD Act of 2009.
The problem for someone in your situation is that the credit contract you signed with Target National Bank (formerly Retailers National Bank) allows the bank to increase your interest rate to the "default" rate if you ever charge over your credit limit or miss your payment due date. The fact that the credit contract allows for these huge increases in interest rates, and the fact that the credit card banks make huge profits by taking advantage of the financial misfortune of consumers like you, means that Target will almost certainly not voluntarily lower your interest rate. The definitive way to prevent Target from continuing to charge interest is to find a way to pay off the balance of your account.
If you cannot afford to pay off the balance of the debt, you may want to consider transferring the balance on this high-interest credit card to lower interest cards. See an article by Bills.com on consolidating credit cards. Many credit card companies offer a 0% interest rate on balance transfers, so a balance transfer may help you significantly lower the effective interest rate on your debt. You should also look into taking out a personal bank loan to pay off this Target account; the amount of the personal loan you can obtain and the interest rate you will be charged will largely depend on your credit rating.
You may want to consider other options available to consumers struggling with debt, such as debt negotiation services, credit counseling, and possibly even bankruptcy. For more information about the various debt relief options, I encourage you to visit the Bills.com Debt Help page. If you submit your contact information in the Bills.com Savings Center a pre-screened debt relief professional may contact you to discuss your options.
See the Bills.com Bills Consolidation page and review the information provided to help with your overall financial situation.
I know how unfair it seems that credit card banks can increase your interest rate by such a large amount, however, they are allowed to make these changes under that credit contract, and they will almost always take advantage of this ability to increase their profit margins.
I hope this information helps you Find. Learn & Save.