Economic reports indicate that consumers are wrestling with debt like never before. Employment payroll figures fell sharply in the fall of 2006 leaving millions without work and huge debt burdens. The largest decline since the 1980's. 

Many are reaching for their credit card to smooth out the jagged edge of making ends meet. The result being compounded high interest charges, late payment penalty fees along with monthly credit card charges. 

Once caught in this endless cycle it can seem impossible to break free. For some there may seem to be no other way out. But there are a number of alternatives that actually lower high interest credit card debt or eliminate debt all together.

 Refinancing can lower payments and leave extra income to pay debts. But just paying debts in a timely manner may not be enough as this may do little in lowering swelling credit card penalty fees.

Another alternative is refinancing your home at lower interest rates. The lower interest rate can save thousands over the life of the loan. Lower rates can leave cash to catch up with credit card payments thereby reducing compound interest. Still lower refinance rate may be enough to compensate for high rate credit cards especially of debt exceeds $5000.00.