Using your good credit to get lower rates and pay off your debt more quickly

How to Find Lower Credit Card Rates

The Dollar 'Get Out of Debt' Course


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Deciding to Solve a Debt Problem

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editor's note: This page is part of the Credit Card section of our 'Get Out of Debt' course. If you would like to start the course at the beginning, you can find it here. If you think your credit score is below 700, you'll want to visit this credit card lesson of the course first.

Staying current with your bills and maintaining a good credit score makes it much easier to get out of credit card debt. Your good credit allows you to look for balance transfer cards. Some of them will even charge you 0% interest for a time. You may also qualify for a lower cost personal loan from Pay-Off.

Your job is to use the tool provided to find the best credit card for you. Select "Low Interest Credit Cards" and you will taken to the "Low Interest Credit Cards" page. On that page will be a number of current offers including those for balance transfer cards. Look at the terms and see which one could be the best match for you. Click on the "Learn More" button and begin the process of applying for a lower rate card. Once again, there are no guarantees, but there is a good chance that you'll find a lower rate that will allow you to solve your debt problem more quickly.

Transfer Debt to Get a Lower Rate. Sometimes your best move is to move debt from a higher cost to a lower cost debt instrument. For instance many people transfer higher cost credit card debt to a Homeowner's Line of Credit (HELOC) or Home Equity Loan. The loan costs less because you're moving from an unsecured to a secured debt. In the HELOC or Home Equity loan, as you'd expect, the equity in your home guarantees the loan. Find out what rates are available. You might find that you want to use a HELOC or home equity loan to pay off your credit cards.

If you are working to get out of debt, our free weekly Surviving Tough Times newsletter can be a great tool. Each issue features great ways to help you stretch your dollars and make the most of your resources. Subscribe today! Or you can like us on Facebook or follow us on Twitter. Simply look for posts marked with #TDSGetOutOfDebtCourse to get helpful ways to make extra cash and trim monthly expenses so you can free up additional money to put towards your debt.

Refinance at a lower rate. You may be able to get a personal loan with an interest rate that's lower than your credit card rate. One innovative lender that TDS has associated with is Payoff. Using psychometrics they look for borrowers that can benefit from lower rates. If you think that you shouldn't have to pay such high rates on your cards, contact Payoff. You might save a lot of money. Click here to read a review about Payoff submitted by a Dollar Stretcher reader.

If you're really not sure where to start, send us an email describing your situation. Tell us the important elements and we'll try to point you in the right direction.

Have you decided not to do anything about your debts? Here's what the future has in store for you.

In the next lesson, we'll look at what you can do to restore your credit score. If you have not already completed the lessons on each of the types of debt that apply to you (see the options below), you should do so before you proceeding to the lesson on restoring your credit score.

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