Q. One of my credit cards is charging 29% interest! I have been paying on time for about eight months, and I pay double the minimum or more. I've asked if they would negotiate a new rate, but they won't. What can I do?

A. When you say you've been paying "on time for about eight months," that sounds like you missed a payment or two nine or 10 months ago.

When those checks failed to appear, your credit card threw you into default and imposed a penalty rate on your account -- the outrageous 29% you are now paying.

Transferring the balance on that account to another credit card with a lower rate is probably the best and easiest way out of your predicament.

You could move the debt to a card you already have or a new card that offers special, low-cost financing on balance transfers.

Our report on the best cards for balance transfers is a good place to start looking.

Whether you'll qualify for such a deal will depend on how badly those missed payments hurt your credit score.

You really need to check and see if the interest rate on your other credit cards have spiked upward, as well.

If so, it will make it harder for you to qualify for a new credit card -- especially those with the best deals for balance transfers.

If you can't transfer your balance because your credit is wrecked, then you should contact a reputable credit counselor who can negotiate a realistic repayment plan that will eliminate your debt at the lowest possible cost.