SavingsTalk.com

DDT

There are a number of credit card companies that have interest rates in the single digits, but you have to qualify for them by having a good credit rating. For beginners, credit card rates usually start around 15% but could go as high as 21%. If I were you, check with your own bank and see if they offer either a credit card or a debit card. Discuss your needs with a representative and see what would be the best choice for you. Also avoid the temptation to get a high credit limit on what you can borrow. It's always best to keep the credit limit low. That way you won't be tempted to go off the deep end in making your purchases. Once you've established good credit by either paying off your bill each month, paying your bill on time with payments you can afford if you can't pay it off and staying within your credit limits, you can begin to shop around for a lower credit rate. Good luck to you.

Edit: I had to add an edit to make a comment on It'sjustme's response. When you are paying off a debt on your credit card, you are not under any obligation to simply pay the minimum payment. She is right that if you do that, you will never be able to get rid of your debt. Take the $100 debt, she mentions. YOu may not be able to pay it off with one payment, but pay as much of it as you can. Say you give somewhere between $30 and $50. Your debt has now been reduced and the interest you pay on the reduced amount will be less than the interest you pay on the original amount. The important thing again is to keep your debt low and pay off each month as much as you can reasonably handle.