Remember credit cards charging 16, 18, even 22 percent annual interest?

Not to be rude, but there's hardly an excuse anymore to carry that high-interest debt.

Interest rates have been falling for almost two years, and banks and credit card companies are finally starting to pass along the low rates to their customers.

Most rates still stand at 40-year lows.

Average credit card rates fell during the summer to 14 percent. And that's not even counting the special promotional rates cards offer for new accounts or transferred balances.

Thirty-year fixed mortgages average 6 percent nationally. A local survey showed a 1-year adjustable rate mortgage charging only 3.88 percent.

"With good credit, you're not paying high interest for anything," said Mary Hurlburt, credit educator with Consumer Credit Counseling Service of Greater Cincinnati. "This is a golden opportunity if you're a homeowner or you have really good credit."

Extra cash

Homeowners can take advantage of the super-low mortgage rates by refinancing to get either lower monthly payments or a larger loan with the same monthly payments.

The extra loan or the extra free cash each month can then pay off the higher interest debt.

And the mortgage interest is typically still tax-deductible.

Or homeowners can get home equity credit lines - many charging around 4.75 percent - to consolidate debt.

But even non-homeowners can take advantage of special teaser offers at credit card companies. Promotional interest rates go as low as 0 percent for those with good credit.

And as long as you're considering switching credit cards, take a look at their incentives. More and more cards offer cash back or other rewards, like travel miles.

Check out common incentives and interest rates at www.cardweb.com.

There's no reason not to be getting something for your spending.

But beware

But there are a few caveats to be aware of before shifting your debt.

First, remember that the promotional rates on credit cards typically do come to an end. Be sure to read the fine print to know when rates might jump back up to 14 percent or 16 percent. It could be a year or just a few months.

You also could make those promotional rates end early if you miss even one payment.

Also remember that using mortgages or home equity lines puts your house up as collateral. Defaulting on those loans could cost you your home.

Most importantly, Ms. Hurlburt said, is to adjust your spending and stop using the high-rate cards that put you in debt to begin with. Transferring debt to a home equity line, for example, then continuing high spending will only double your debt - not help you pay it down.

"And this is a great time for people to get themselves out of debt on their own," Ms. Hurlburt said.

Contact Amy Higgins at 768-8373; e-mail ahiggins@enquirer.com; or 312 Elm St., Cincinnati 45202. She regrets that she cannot reply to all individual questions.