If you carry a lot of debt at high interest rates, you have options that you should consider to reduce interest payments.  The path you take depends on your credit status, and the level of debt that you carry.  In most cases, a credit card balance transfer from a high rate to a 0% rate credit card can be an ideal strategy.

Credit Card Consolidation

The best way to reduce credit card debt payments is to consolidate credit card debt from one or more high interest rate credit cards and complete a balance transfer to a new credit card with a 0% interest rate for up to a year, in some cases longer.

When you complete a credit card balance transfer, you are able to transfer your entire balance to a new credit card and not pay any interest on the balance transferred for a significant amount of time, potentially saving you thousands of dollars in interest payments.  These savings can be applied against the balance you owe as you pay down the debt of the card.

At ZeroRate, we offer a balance transfer savings tool which you can use to see how much you can save in interest payments over time.

In addition, ZeroRate offers the web’s most extensive balance transfer offers – hundreds of offers from the largest and most established banks in the country.

Debt payment business

Credit counseling is another option, especially if you are not in a position to open another credit card account to complete a balance transfer due to a poor credit history.

A debt payment business is best used when you have had to stop making payments to your credit cards altogether, because they will work with the credit card companies to get some of your fees and interest reduced. If creditors think that the only way to get their money back is to work with the debt payment business then they will be more willing to come to an agreement

The debt payment business will ask you to send one payment to them and then they will pay your credit cards individually. Be aware that these companies often take your first payment for their fee, and sometimes charge you additional fees at the end of the agreement.

Therefore, it is best to first try to apply for a balance transfer at 0% interest for a long period of time and pay down your debt without interest.  If this isn’t an option, you should consider discussing your situation with a debt payment business and review your options.

Some well known debt payment companies you may want to consider:

Freedom Financial Network

Freedom Debt Relief's "Debt Reduction Program" is an innovative solution for consumers struggling with large debt burdens. FDR uses debt negotiation to dramatically lower both your debt levels and your monthly payments. The goal is to save you the most possible money and to get you debt free in the shortest amount of time.

American Financial Service

American Financial Service's negotiation process has been tested and developed over years of experience by its team of professionals in the field of finance and credit card debt. The company's professionals are highly skilled in each of their fields of expertise.

DebtRite

Debt consolidation is for you if you are looking for a real and sustained solution. It is a responsible, honorable and effective way to solve your current situation and DebtRite can assist you in becoming credit worthy. It is not for those looking for a quick fix.  DebtRite will provide you with a positive and solution-oriented approach to your unique financial situation.