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WORK & MONEY HOW TO START DIGGING YOURSELF OUT OF CREDIT CARD DEBT Published October 28, 1996 Other Columns by Beth Kobliner

If you are unable to pay off your credit cards completely, you should at least try to reduce the amount of money you're throwing away every month in interest. The average credit card has an interest rate of around 18 percent; but with competition what it is, many cards now offer interest rates as low as 8 percent. Obviously, the lower the interest rate, the better; if you have credit card debt, you should shop around for a "low-rate" card that allows you to transfer your debt to it. The process of transferring debt from high-rate loans to lower-rate loans is knows as "refinancing," and it can save you a bundle. It's not always easy to get approved for a low-rate card, but it's worth the effort. For a list of low-rate cards, call RAM Research (800-344-7714) or Bankcard Holders of America (540-389-5445). Beth Kobliner is the author of "Get a Financial Life: Personal Finance in Your Twenties and Thirties," published by Simon & Schuster in May. In 1994 and 1995, Kobliner was selected by TJFR Business News Reporter as one of the country's most promising financial journalists under the age of 30. Kobliner is currently a contributing writer for MONEY magazine and is a regular commentator on NPR's "Sound Money." She lives in New York City with her husband and their daughter. © 1996 Beth Kobliner, All Rights Reserved