Saving Money Doesn't Necessarily Mean Spending Money

Thought I would impart a quick tip on a relatively easy way to save money without having to... well spend a bunch of money. If you're like many Americans suffocated by credit card debt, there are two simple and immediate solutions that can save you money.

First, contact your current credit card company and negotiate an interest rate decrease. Be prepared to do some leg work and don't give up easily without speaking to a supervisor first. Faced with the possibility of losing your business to a lower interest credit card, credit card companies will be more inclined to listen.

If resistant, then consider transferring your higher rate balances to a new card with a low intro APR. This will allow you to focus on making small, manageable payments every month without being sucked into the vacuum of finance charges. According to an article from MSNBC, it's entirely possible to save up to $730 if you transfer a $2,000 balance from an 18-percent card to an 8.25-percent card and then pay off your balance at a rate of $50 a month. Now the math is a rough estimate that could change depending on many variables, but it does illustrate that a low interest rate credit card goes a long way in helping shed some of that pesky credit card debt and save money in the process.