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

How to Find Lower Credit Card Rates

by Gary Foreman, Editor of The Dollar

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 Payoff or another personal loan company.

Your job is to use the tool provided below 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.

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.

Or you can compare personal loan rates from other companies here.

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.


If you have other types of debt in addition to credit card debt, you likely need a debt payoff plan that addresses all of your debt. It can often save you more money than addressing debts individually. The TDS ebook How to Conquer Debt No Matter How Much You Have can help you.

We will walk you through the creation of your own personalized debt payoff plan tailored to your debt burden, budget and lifestyle. You can read more about it here.

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