Overwhelmed by Credit Card Debt? Walk away into a better deal.

If you get nowhere with the credit company when trying to negotiate a lower interest rate, seek out an introductory rate offer for a balance transfer. You may be able to get a zero interest or low interest rate for a specified period of time. When the deal expires, you can try the same technique with another new card if you continue to maintain good credit. Note that there is almost always a balance transfer fee, usually around 3% of the amount transferred.

One downside is that if the amount to be transferred is high, you are not likely to get a matching high credit limit unless your credit is very good. And, in many cases, they’ll approve you for the card, perform the balance transfer, and then let you know after it’s done how much they allowed you to transfer. Also, be careful about opening new accounts too frequently (like every month or two) because all that activity will drag down your credit score. Keep a close eye out for these offers when they arrive in the mail, because bank profits are squeezed right now and the frequency of the best deals is likely to diminish.

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