Most of the high interest credit cards are usually pretty easy to get and really the high interest rate only matters if you are going to roll over your balances from month to month. People that have been involved in bankruptcies, judgments or have a bad credit score, for some other reason are the most common applicants for these high interest credit cards. It might be possible to lower your interest charges with credit card balance transfers. If you are looking to consolidate all your debts or you just want to pay off your high interest credit cards, apply for a card that offers a low rate on balance transfers.

Those of you who want to apply for a major high interest credit card to re establish or just to establish new credit should consider the price that they will ultimately pay, including interest, yearly fees, etc... Those who have good credit may qualify for credit cards that offer a 0 percent interest rate on balance transfers for a full year, but be aware, if you make a payment late, you might end up paying higher interest than before you transferred your balance. A recent FDIC study revealed that the overwhelming rise in bankruptcy rates (up 400 percent in the last 25 years) is directly related to banking de-regulation and the use of high-interest credit cards.

Many credit cards can have interest rates, 15, 19 and even 24 percent or higher.  At these very high interest rates you are paying a lot of money in interest. If you are in a bind and missing payments, many credit card companies might agree to reduce your debt on a credit card dramatically if the borrower is able to pay off the balance rather than continue to miss payments, so it might be worth contacting a debt expert to negotiate on your behalf. If you have a good credit score, one way of paying all of your high interest credit card balances, is to take out a debt consolidation loan, which will mean that you can pay off all of your credit cards with one lower interest loan, possibly saving you quite a bit of money.