High Interest Credit Cards
Getting your high interest credit cards paid off should be your top concern. When your credit score improves try to transfer all of your high interest credit card balances, some transfer cards even offer 0 introductory offers for balance transfers, thus making it much faster and easier to pay off your debt. Most high interest credit cards are usually easy to get and really the interest rate only matters if you roll over your balances from month to month. People that have had bankruptcies, judgments or just have a bad credit rating, for what ever reason are the most common applicants for high interest credit cards. Many low interest credit cards will allow you to transfer balances from your high interest credit cards but you must have a decent credit rating.
Beware some credit card companies will try multiple ploys to get you signed up and then if your late on a payment for some reason, charge large fees even if your credit card payment is only one or two days late. Those who want to apply for a major high interest credit card to re-establish or to establish new credit should consider the price they will ultimately pay. Even those who don not qualify for low interest credit cards should still shop and compare to get the best deal available.
If you have a card with high interest rates you DO NOT want to carry a balance. If you do get a low interest credit card and make a payment late, the default interest rate goes into affect, sometimes up to 22 percent, making it very hard to ever get caught up. The difference between high interest credit cards and low could be hundreds and even thousands of dollars a year.
