Posted by Levasto India

If you’re heading into Fall with a fat balance on your credit card, you’re not alone. Millions of Americans have incurred excessive debt over the past few years, and this trend spikes early in the year.
And, when it comes to credit card debt, there is some good news and some bad news.

First, the bad news. Starting in Feb of 2011, new rules and regulations went into effect that more tightly regulate what credit card companies can do.  They're not able to retroactively increase rates, must have 45 days advance notice of rate hikes, and are limited in what they charge for overdraft fees.  So, how can this be bad news for consumers?

Well, the bad news is that in order to compensate for lost revenue from these new rules, credit card companies have been jacking up interest rates for everyone.  You may already have received notice that your borrowing costs have gone up.

So, what’s the good news?  Well, the good news is that there still remains something people can do to immediately cut the interest rate on the amount they owe on their credit card to zero. It’s called a zero interest balance transfer.

By transferring the balance of your debt from your current credit card to a new interest-free card, you can give yourself time (often up to 21 months) during which no interest is charged against your starting balance. This allows all the money you make in payments each month to be applied directly into paying down your balance, shrinking the amount you owe much faster. This can greatly benefit your credit score and credit-to-debt ratio, both of which can make you much more attractive to lenders.

There are some things to consider before transferring your balance to a new card:

• Always take into account the length of the zero percent APR period.
• Be sure you are able to pay off your balance within this introductory period. Otherwise, high interest rates often kick in when the period ends.
• Make a payment schedule and set aside money each month to pay towards your balance.
• Ask up front about transfer fees. These can come as unexpected surprises and throw off the payment plan you have created.

So, how do you go about finding the very best credit card with a zero percent APR on balance transfers?
More good news!  There is a great, free online service called CreditCards.com that can help you find offers from credit card companies eager to get your balance transfer business. All of the credit card offers are presented clearly so they’re easy to compare, and you can find the offer that works best for you.

The site is also a tremendous informational resource for consumers wanting to make informed decisions about their spending.

For many people, a zero balance transfer is a complete no brainer, and can result in significant savings in the short term. After all, why would you pay a penny more in interest than you have to?  And, by eliminating your debt, you improve your credit score, and earn lower interest rates on your credit cards.

And, using a service like CreditCards.com is one of the best ways to find a balance transfer credit card that will help you get rid of your credit card balance fast.