Credit Card Debt - 4 Ways To Pay Less Interest On Your Existing Credit Card Debts

Here are four ways to pay less interest on your outstanding credit card debt:

1. You could apply for another credit card offering you 0% interest on balance transfers and transfer the balance to the new card saving all the interest you are paying on your existing credit card. These 0% credit card offers usually give you a 0% interest free period of between 6 to 12 months and can save you a lot of money. However please be aware that quite a few of the credit card companies making these 0% offers do charge a balance transfer fee of usually about 2% of the amount transferred, so it is best to look into this with any potential credit card you are going to apply for and choose one that does not charge a balance transfer fee. In order to keep paying no interest on your credit card debt, a month before your 0 % interest offer expires, apply for another credit card with a 0% interest offer and do another balance transfer to it.

2. If you find that you cannot get a credit card with a 0% interest offer, then could go for a credit card with a lower balance transfer rate than you are currently paying and do a balance transfer it. Alternatively, if you already have an additional credit card with a lower balance transfer rate than the interest you are currently paying, then you could do a transfer it and save you some interest.

3. One more way to pay less interest on your credit card debt is to phone up your existing credit card company and ask them if they would lower your interest rate. Some of them will do this for you and are even more likely to do it if you tell them that you are considering moving your balance to another card, in this case there is a good chance they will match the interest rate of the other card.

4. If you are in the position of having credit card debts on several credit cards at the same time, then the best thing to do is to pay off the card charging the highest interest rate first as this will mean you pay less interest overall.