The problem of excessive credit card debt has grown enormously in recent years. In fact, the amount of credit card debt taken on by Americans went over $700 billion for the first time. Usually during recessions the amount of debt decreases as people spend less and generally become more conservative, but in many cases the amount of debt has increased recently because people who have lost jobs have been living off their credit cards until they get a new job.

In addition, the credit card companies have continued to mail enormous numbers of credit card solicitations-last year 3.5 billion letters-to everyone from college students with no income to people emerging from bankruptcy.

Despite 10 cuts of the fed funds rate by the Federal Reserve this year, the interest rates on credit cards has only fallen slightly, while rates on savings have plummeted. The average interest rates on credit cards is still about 15%, while money market fund yields have fallen to about 3%. Many credit card companies have lower limits in their contracts, so their rate can not fall to below 10%, for example, no matter how far the Fed lowers rates.

So how can you either lower your interest rates on credit cards or, even better, get out of debt altogether?

First to get the lowest rates on cards you can shop for cards with permanently lower rates. Most of these cards are issued by banks in Arkansas because that state imposes usury ceilings preventing banks from charging more than 10%.

To get a complete list of the lowest rate cards you can call for the Credit Card Optimizer Report for $5.95 at 877-666-6399 or click here to find out more.

If you can't qualify for a low-rate card because you have too much debt, it might make sense to look into a credit counseling agency. They will consolidate all your debt into one monthly payment at much lower rates than you could ever get on your own-typically 6% to 9%, but in some cases 0%, depending on the deal they have with each creditor. They are NOT making a new loan of any kind, instead they have prearranged deals with all major creditors to get low rates to keep customers from defaulting instead.

One reputable agency is the Debt Relief Clearinghouse at 800-779-4499 which refers you to agencies that actually give you a 50% rebate of all the fees you pay every six months that you pay on time in what they call the Good Payer Program.

Signing up with them does NOT hurt your credit record, as it does if you sign up with a Consumer Credit Counseling Service (CCCS). In fact over time it actually improves your credit record as your debt-income ratio is improved. They also refer you to services that will get your past IRS and state income tax debts settled for pennies on the dollar, and to services that will prevent you from losing your home to foreclosure. These kinds of agencies will have you close down the credit card accounts you consolidate with them so you aren't tempted to get into even more credit card debt.

If you want to know more about Credit, you should know that I have a chapter called You and Your Credit - Managing it Wisely in my book, Everyone's Money Book, which will help you take action to ensure your good credit.

To get more information on my book click here.

 Jordan E. Goodman is America's Money Answers Man. He is a regular contributor to Public Radio International's The Marketplace  Morning Report and appears frequently on NBC's The Today Show, PBS, MSNBC, CNN, CNBC, and Nightline. For 18 years, Mr. Goodman was on the editorial staff of Money magazine, where he served as Wall Street correspondent, in addition to his role as weekly financial analyst on NBC News at Sunrise for 9 years.

He is the author of Everyone's Money Book (over 200,000 copies sold) with 6 special focus editions on College, Credit, Financial Planning, Real Estate, Retirement Planning and Stocks, Bonds and Mutual Funds and the co-author of Barron's Dictionary of Finance and Investment Terms.

His website MoneyAnswers.com is full of resources, tips and strategies you can use to build a solid financial future.