Low rate credit cards can help pay off debt.

You need to strongly consider consolidating your credit card debt and bills onto one low rate, or 0% interest, credit card. You can register at TreasureTrooper, Fusioncash, InboxDollars, or CashCrate and sign up for a low rate credit card. When you sign up, you can get rebates from the cards. For example, get a $20-$40 rebate from Discover Card for signing up for a low or zero interest rate Discover Card. These sites will also constantly have rebates for other cards and products.

Consolidating debt on a low interest rate credit card involves moving a credit card balance from one card to another credit card with a lower, or zero, interest rate. In order to save on interest expense, some people constantly move their credit card debt to the next  0% interest rate card as a way to pay off that debt. While this can be a pain, you will definitely save a substantial amount of money as well as provide yourself more time to pay off the credit card debt. Find the 10 best credit cards, rates, and deals as reviewed from multiple sources.

 

 

 

Advantages of low interest rate credit cards

Managing interest rates is one of the main keys to managing credit card debt. If you have a high interest rate credit card, and have a high balance on that card, you are paying a lot of your hard earned money to "borrow" that money from the credit card company. Also, the minimum payment that the credit card company calculates for you to pay is only based only on accrued interest, so if you only pay that minimum credit card payment, you will never reduce your credit card debt. If you have a decent credit score, and also have some credit card debt on one of those higher interest rate cards, you should apply for one of the many 0% interest rate, or very low interest rate, credit cards that are out there. Do be aware that many of these lower and 0% rates are introductory and will expire after a short period, but paying less money to maintain your credit card debt is a key step to managing and eliminating debt.

Also, if you can, you should strongly consider consolidating your credit card bills and debt. One way to do this is to move the balance from your higher interest credit cards to one card with a zero, or lower interest rate. If you have about $200 of debt on each of your high interest rate credit cards, say at a rate between between 11% and 22%, and if you move those balances onto another card which carries a low 5% interest rate, the significant money you are saving (potentially hundreds of dollars) by paying less in interest payments to those high rate credit cards will allow you to reduce the principle on all of your credit card debt.

Of course, in order to make this strategy really work, you need to stop (cut up!) your high interest credit cards. Do not kid yourself into keeping them for an emergency situation. You need to get rid of the temptation so you will never dig yourself another hole.