stack-o-cardsIf you are one of the millions of people who are experiencing very high interest rates on your credit cards, your monthly payments may never seem to be getting smaller. This is because when making minimum monthly payments, the payment keeps going to the account's monthly interest rather than reducing its principal balance. To help overcome this situation, consumers may wish to use debt consolidation with the help of zero percent interest cards.

There are many zero percent interest rate cards on the market, however consumers should try to find one that has no annual fee, no balance transfer fees or restrictions, and one that offers the introductory zero percent interest rate for the longest term. Do some searching first to minimize the inquiries on your credit reports. Once this has been accomplished, it is time to apply for the credit card. Applicants may be granted a credit limit that is significantly less than what they were hoping for because if you already have a large amount of outstanding credit card debt or opened accounts, your limits may be restricted. After the account has been established for some time and other credit card bills have been reduced, account limits may be increased.

Once the card's information has been issued, including your credit limit, it is time to transfer your other balances. Consumers will want to transfer their highest credit card balances first. If there is no more credit availability due to recent balance transfers, there is another step to help lower monthly credit card payments. Examining the next lowest interest rate card, check to see if there is any available credit on that line and if the card does not impose a balance transfer fee. If not, proceed to transfer another higher-interest rate balance on to this card. While it may seem like an inconvenience, the additional money saved can be applied towards your monthly payments.

If there was not an available balance and the zero percent interest rate credit card is maxed out, it is time to call creditors. Tell them you are thinking of transferring your card's balance to one with a lower interest rate and that you wanted to give them the opportunity to keep your business. Ask for a lower interest rate and you may be pleasantly surprised.

Remember to always make your payments on time, every time. Late fees and higher interest rates just take more money out of your pocket and give it to the creditors. Be diligent with your spending and bookkeeping, and in no time you will have all of your credit card debt eliminated.