Transferring Balances of High Interest Rate Credit Cards

You just received the latest bill from your present credit card
company. The balance is huge not to mention a high interest
rate. When you signed up for the credit card, you didn't take
into consideration the high interest rate. Now you realize it is
going to take you forever to pay off the balance. Is there
anything you can do?

 Yes, there is. Most credit card companies today offer one if
not more credit cards that allow you to transfer the balance of
your present higher-rate credit card over to one of their
lower-rate credit cards. The new credit card company may offer
you the same low introductory interest rate (usually lasting
between 6 and 12 months) on the balance transfer as the one for
purchases then raise to a standard interest rate (the standard
interest rate should be lower than the interest rate of your
present credit card) after the introductory period. Or, they may
offer you a fixed rate (the fixed rate should be lower than the
interest rate of your present credit card) for the balance
transfer.

 With each new credit
card you are considering transferring your balance to,
calculate the total interest you will have paid when the balance
is paid off. Then, choose the credit card with the lower amount
of interest paid.