Saving Money on Credit Card Debt

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Credit card debt may seem like a big problem, but it doesn’t have to be.  In today’s world, most people need to have at least one credit card, even if that card is reserved mostly for emergencies.  You only run into problems with credit card debt when you start taking on more than you can handle and when you don’t make smart borrowing decisions.
Let’s look at way to have that credit card debt without the problems.
Choosing the Right Card for You 
The bottom line is that you can’t accept every credit card offer you receive.  You should shop around.  A little searching should tell you that not all credit cards are created equal.  For example, some credit card debt will incur interest at very high rates which means you’ll have a harder time paying back that debt and you’ll end up paying a lot more for it.
To determine the right credit card debt, ask yourself this question:  How do I pay back my credit cards?
If you pay your balance every month and don’t accrue any interest charges, then look for a card that will reward you for making those purchases and forget about checking the interest rates.
Everybody else, you need to pay attention to those rates.  Avoid high rate cards.  Look for the best offer you can possibly get.  Of course, the interest rates available to you will be determined by your existing credit scores so your options could be limited if you’ve had some debt problems in the past.
Keeping Interest Low While Carrying a Balance 
Most of us do carry our credit debt with us but that doesn’t mean we have to end up paying huge amounts of interest in exchange.  One way to keep your interest amounts low is by transferring balances between cards that have a 0% interest period.  For example, you might move your balance first to the MBNA Platinum card that offers 0% interest on balance transfers for 12 months then before that period is up transfer the balance to the Halifax 9.9% card which has no annual fee and no interest on balance transfers for 9 months.  Since the Halifax card has a lower interest rate, you could keep the balance here or you could switch again.
Either way, you’ll be saving yourself interest for a full 21 months.  That gives you a long time to pay down that balance.  Once you find a card with a low interest rate and decent rewards for your purchases, then stick with it and continue using it wisely.