A fast and simple way to lower credit card debt

Have you ever gotten a credit card that started out with this really low apr (finance fee), then a few months later it doubled? Of course, this always happens after you have a balance on it.

I feel that credit cards are a good thing to have. A lot of people knock them, but I think it's great to have a credit card on standby for emergencies, etc. Yet in these times, many people are carrying a balance on their cards. There have been so many lay offs and increasing prices that many Americans that were middle class before this started, find themselves hitting poverty level.

One of the most important things about credit cards and credit card debt is to make sure you never miss a payment. Even if you can only afford the minimum payment, make it. If you skip a payment, it really hurts.

There really is a simple way to make a dent in your credit card debt. You can do this by transfering your balance over to a new credit card that offers a low apr. Many credit cards do this at least for six months. Before applying make sure to read the fine print.

You don't want to get a credit card that charges an annual fee. Most credit cards these days offer cards with no annual fee, so make sure to check that information first before applying.

After you are approved, check and see what your credit limit is. Transfer the balance from the prior credit card over to the new credit card. Make sure you close out the previous account. You don't want to charge it back up, especially at the higher rate and finance fees.

Now you have your balance on a new credit card that hopefully offers the low rate for at least six months. Make sure to pay as much as possible on it every month. This way you know that you are making a dent in the balance because of the low rates.

A lot of times people don't realize how much of their minimum payment is going towards fees. By transferring your balance over to a low fee card, most of the minimum payment is going to make a difference.

Some people choose to call one of those places that consolidate your debt and contact the credit card companies on your behalf for a lower finance fee, etc. I would not do this unless it was a last resort. This shows up on your credit report and will make it harder for financing in the future. If you really need it do it, but not unless you are at that point.

I really recommend Discover. I've heard good things about the company. They are offering a promotion where you can get $50 Cash Back Bonus with the Discover® More Card! If you have a credit card that has shot up the fees, I would recommend applying and getting approved. After this, you can transfer your balance over.