The rise of the Fed interest rate will increase the variable credit card interest rate. The rise of the interest rate will result in an increase of $2.50 in the interest rate for every $1,000 credit card debt. It may seem like a small increase in the credit card interest rate but it will continue to rise. If your credit card has fixed interest rate, you won’t be affected by it.

The Fed’s rise of the interest also does not affect the zero percent credit card offers. If you are having a lot of credit card debts that you don’t know how to pay off, you should consider signing up for a zero percent credit card right now. The zero percent credit card is ideal for people who are unable to pay their credit cards because their income is not enough for them to pay back the high interest rate. With the zero percent credit card, you don’t have to pay interest for a certain period of time called intro period.

Some zero percent credit cards offer an intro period that last for up to 21 months. The zero percent interest may apply to balance transfer or purchases or both of them. All kinds of unsecured loans and credit card debts can be transferred to the zero percent credit card. When you apply for a zero percent credit card, make sure you get confirmation on how long the intro period last. In this way, you will be able to create a plan and determine how much you need to set aside for paying the bill every month in order for you to finish paying back all your credit card debts by the time intro period ends.

Most zero percent credit cards charge balance transfer fees although there are some cards that waive it. If your zero percent card charge a balance transfer fee, make sure you find out how much the fee is. If the fee is waived, you should find out if there is any requirement that you need to abide in order to take advantage of it. Besides, you should also check with the credit card company to see if you will be charged with any other fees. After you have transferred your balance, make sure you take action to discipline yourself and make prompt repayment for the bills every month.

You can try to set up a budget by eliminating the unnecessary expenses in your lifestyle. If you stick to your budget plan, you will have enough money to pay the bill of your zero percent card every month. You can also get another part time job to bring in more income if your current income is not enough to pay your credit card bill in full every month.