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How To Locate The Best Zero Interest Credit Cards To Reduce Credit Card Debt

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Imagine the following scenario. Despite your best efforts to the contrary, the downturn in the economy has resulted in you being downsized at work leaving your spouse as the only income generating member of the family. While you were by no means rich before you were fired, at least you were making enough money that, when coupled with your spouse's earnings, you were able to timely pay the bills as they came due. After extreme diligence on your behalf for several months, you land a job making a salary similar to your previous job. It looks like you are back on track with your personal finances. Unfortunately, during your unemployment, your family was forced to use those high interest credit cards you had previously managed to avoid. Now you are stuck with many thousands of dollars in high interest credit card debt and can, even with your new salary, barely afford the minimum monthly payment. Wouldn't it be great if you could find a lender that would give you a six month, interest free loan to help get you back on your feet so you can pay down those high interest credit cards. Well, imagine no further. Zero interest credits cards are the answer to your personal finance problems. Use the following suggestions to locate the best zero interest credit cards.

Things You Will Need

* High Interest Credit Card

* Desire to Reduce Credit Card Debt By Finding Zero Interest Credit Cards

Step 1

First, check with your current credit card company to determine whether they are willing to substantially reduce the interest rate on your credit card. Many times, especially if you have managed to timely make your monthly payments over the last year, your credit card company will be happy to accomodate you. It may take a few weeks to locate the best zero interest credit cards so reducing the interest on your current credit card will kickstart your efforts to pay off credit card debt.

Step 2

Second, use the major internet search engines (i.E., google, yahoo, bing, etc.) to find credit card companies offering zero interest credit cards. While the interest rate on these types of cards does not remain at 0% interest, they do provide you with an introductory period of time wherein no interest is charged on your credit card balance transfers. Try to find zero interest credit cards that offer six to twelve months for their introductory period.

Step 3

Third, determine what the interest rate will be on your balance after the introductory 0 apr credit card offers expire. No doubt you want to take advantage of the 0 interest credit card. However, you do not want to be in a situation where the interest rate on your credit card once the initial period expires is higher than your current rate of interest.

Step 4

Fourth, compare the various 0 apr credit card offers you located in your internet research to find the lower credit card rates. These 0 apr credit card offers can be found on many different websites, including Bank Rate and Card Ratings. Make yourself a spreadsheet itemizing the name of each credit card company and a column for each of the feature offered by the 0 credit cards.

Step 5

Fifth, having decided upon which 0 interest credit cards you want, fill out the application. Most credit cards have online credit card applications that permit you to apply online for a 0 interest credit card. Assuming your credit score and other financial data is acceptable, you should have your new zero interest credit card in a matter of days.
Finally, cut every corner you can and eliminate each and every unncessary luxury that has made its way into your daily routine. The fresh brewed coffee you spend six dollars on every day simply is not necessary. Instead, save that $120 per month and send it directly to paying down your new 0 interest credit card. Since you are not being charged interest during the introductory period, that "found money" will go directly to reducing the principal amount of your credit card debt. If you send that $120 each month for six months, you have now reduced credit card debt by $720. Now, imagine how much you could save if you cut out some other non-essential luxuries?

Tips & Warnings

Making new charges to your 0 interest credit card is exactly the opposite of what you should be doing. Pump every extra dime into paying down your credit card debt and enjoy becoming debt free.