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It happens to the majority of us, credit card debt accumulates and before we quite realize it, we are carrying a debt load that is far beyond our means. When this happens, we need to take immediate positive steps to knock down the debt as quickly as possible. One of the most efficient ways to do this is to reduce the amount of interest we pay by shopping around for a better rate and having our balances transferred over. By doing this, we pay more towards the principal, thereby reducing the duration of the loan and saving ourselves potentially thousands of dollars over the lifetime of the loan.

Typically, a credit card carrying a balance of $5000 dollars, with an interest rate of 17.5 % and a minimum monthly payment of $150 would take you 3 years and 10 months to pay off. The total interest accrued would amount to $1, 846. However, if you were to transfer your credit card debt to a lower interest rate loan of 7 %, that same $5000 paid in increments of $150 a month, would be paid off in 3 years, 2 months, substantially reducing the amount of interest to just $564. That's a savings of $1,282.

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Debt is a way of life today. Everybody owes somebody something: products, services or money. Financial debt (owing money) is a choice you make to defer payment on something you want or need now. In return for this, you usually pay the person or business (called the "creditor") extra money ("interest"). Debt is not a problem as long as you can repay.

The most important step in conquering debt is controlling spending. This starts with being a critical consumer and learning to separate real needs and desires from artificial ones. How much debt is too much depends on your income and what it costs for you to live.

When you see financial problems coming, the first step is to take stock of your financial situation. Most problems can be remedied with planning and budgeting:

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