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Credit Card Debt Relief

More and more people are finding themselves saddled with more debt than they can handle. If you are one of them, here are 4 steps you can take to get some credit card debt relief:

1. Always pay your bills on time. Most people are already aware that one or two late credit card payments can result in late fees and a higher interest rate. But did you know that credit card companies can also hike your rate if you make a late payment to another creditor.

That's right. Even if you always pay your Visa bill on time, a late payment to American Express can lead to a higher interest rate on both cards. This is because the banks that issue credit cards don't just check your credit report when you first apply for a card. They keep an eye on it as long as you have an account with them and if they see late payments to other creditors they can use that as an excuse to jack your rate up too.

2. Call your card issuer and ask for a better rate. The credit card industry is highly competitive and as long as you have a decent credit history they would rather lower your rate by a couple of percentage points than lose your business altogether.

Do the same for every card in your wallet. If you have several cards with balances on them you can easily save hundreds of dollars a year in finance charges.

3. Transfer your high interest rate balances to a card with a low rate. Your mailbox is probably flooded with introductory offers of 0% on balance transfers for a year or more. This is a great way to consolidate debt and significantly lower finance charges. Just be sure to pay off as much as you can before the introductory period ends and try to stop using the card for new purchases.

4. If you are really in dire straights you can consider taking out a home-equity loan to pay off your credit card balances. This is not the ideal solution for everyone since you are basically trading one debt for another, but interest rates on home equity loans are generally far lower than those of credit cards.

An added benefit is that interest paid on home-equity loans is usually tax-deductible if you itemize deductions on your tax return. This can lower your tax bill at the end of the year, adding more to your savings.

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