This Year I Vow To...

Reduce Debt

Feeling overwhelmed? You're not alone. Allow us to introduce you to Fools who have successfully paid down plenty in high interest debt. This community of active Fools willingly trades tips, tricks, and genuine been-there/done-that encouragement at all hours. With a little help, you'll shed thousands in debt by bikini season.

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One phone call can save you thousands. Really!

In five minutes, you'll be paying less to your credit card company. If you carry a balance on your credit card, ring up your lender and ask for a lower interest rate. (Use our handy Rate Negotiation Script if you like.) More than half the people who call their credit card customer service department are successful in reducing their annual interest rates by an average of one-third. (Tinker with the calculator in our Get Out of Debt area to see how big a difference a few percentage points can make.) So pick up the phone right now and start bargaining.

If the results of your phone conversation are less than fulfilling, shop around for a card with a 0% balance transfer option (yeah, we've got one of those), and start whittling down that debt.

It's possible that an evil spell has been cast over your credit rating. Find out what your score is — and how to fix it faster — in our new seminar, FICO 850: Achieve Perfect Credit.

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If debt's really got you down, it's time to show them who's in charge. Pick the credit card with the lowest balance (or the one that carries the highest interest rate), and devote all your energy and ex