Review Credit Debt - New Year's Resolution

It's a new year and that's a great time to review your financial standing. Get out your credit card statements, look at your rates, fees, balances and decide if you could get a better deal. There are still some good credit card deals out there. Would a 0% interest balance transfer consolidate some balances and save you money? Don't jump into offers and if your credit card accounts are already outstanding deals, don't give them up to save a few pennies now, you could end up paying more later in interest and fees.

Reviewing your credit obligations can also help you devise a plan and strategy for paying down debt and cleaning up any accounts that cost you in interest over small balances. Think about paying off those balances with the highest interest first. Use balance transfers to save interest only if the interest rate doesn't go up astronomically after a short period. Read all the fine print and make a plan to eliminate the debts that are draining your budget in 2008.