An ever larger problem for a huge number of Americans is credit card debt. Below are the three top ways to begin reducing those credit card balances and dig yourself out of debt once and for all:

1. Use interest-free trials

When looking out for a new card, find one with an interest-free trail offer. Some provide a year or more with no interest on balance transfers and new purchases. If your new card offers the latter, use it to make those new purchases - but guarantee you put away cash to pay down the balance before the trail period is up, and use any cash you save on interest to pay down your existing Visa or Matercard debt.

2. Work to have your present American Express or credit card interest rate reduced

Once you have stopped adding to your debt, the next step is to get lower interest rates. Did you know that most credit card companies will put increase your interest rate by as much as 100% if you so much as make one late payment? Even if payment is just one day late, the banks will often drastically raise your interest rate. The really silly part is that these companies rarely report you to credit bureaus unless you are a full 60 days late with a payment. So while they might have raised your interest rate, your credit score could well remain unscathed.

You can simply turn this situation advantageous. If you find that your Visa card company has raised your IR, call or write them, informing them you have another company that is prepared to offer you a lower rate - of course, you have a good credit record. See whether they call your bluff - percentages are, they will not, because they know there are a few lower rates available. This may be a neat way to save large USD in interest each month without even opening up a new card.

3. Make an application for extra cards

Naturally, if your Mastercard company will not deal with you, you can essentially search for another company offering lower interest Mastercards, and open an account with them. Don’t forget, unless you have been over sixty days late with a payment, your credit history could have no marks on it from your old cards. Similarly , even if you’ve got a less than stellar credit history, there is a superb chance you can still find a lower rate than you presently have.