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. Read this: How to Pay Zero Interest on Your Credit Card Balance Until 2014 | How Life Works.