This article is an important warning as to why you may not be able to easily roll over your credit card debt. It tells you about what the banks are going through and what you may want to do as a result if you are depending upon credit cards to get by or are surfing various credit card offers.

Many financial experts view US banks as insolvent or close to being so. When a bank is insolvent these days, it does not close its doors. It seeks additional financing from the central bank, which is the Federal Reserve in the US, or it seeks money from other investors.

Citi was one of the world's largest banks and it had to raise money at a very high interest rate just to stay in business. It has paid 12% interest. And it is borrowing from wealthy Asian and Middle Eastern investors who have trillions of US dollars as a result of oil money and exports.

Banks like CIti are not going to be allowed to go under. And their most profitable business has long been consumer credit card debt so they do not really want to cut back on credit card lending.

However, there has been an alarming downturn in the quality of credit card debt. Late payments are skyrocking and chargeoffs increasing at an unprecedented rate.

One out of four households was late on at least one monthly bill by 30 days or more. Forty-three percent say it's harder to meet their financial obligations than it was a year ago.

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More than a third of households (34.5 percent) said they would let their credit card bill slide in order to pay more essential bills, such as a mortgage, the survey said.

The result is that lenders are starting to increase their reserves for bad debts. And they will shortly begin to shut off the taps. The people who are rolling one offer to another at zero percent will find that they are cut off.

The trouble is that people are living on credit card debt. They are supplementing their income with credit cards. And that means their balances increase all the time. In my work as developer of the Mortgage Relief Formula, I frequently talk to people who are paying $1000 or more per month on credit card debt. And they may have incomes of $3000 or even $5000 per month.

How to lower your credit card interest rates

It is always possible to lower your credit card interest rate. But you may have to quit making payments. If you call them and ask to drop your rate, they may say "no" even though you are paying 19.8% or even 29% "default rates". And that may apply if your credit score has dropped even though you have always paid on time.

But if you stop paying you will find that you can negotiate a lower rate. If you have been transferring balances from one card to the other, you may want to just stop doing this and settle your debts.

Once you stop paying, the bank will contact you and they will be in a mode to deal. They once said no but now they will say yes. But beware of credit counseling companies.

You don't need credit counselors to lower your credit card payments

Credit card counselors take payments from you, and they take a fee off the top and forward the rest to the credit card bank. But you don't need them and they can do more harm than good. Their interests are in collecting from you, not negotiating with your credit card companies.

What you want to do is negotiate a lower interest rate and even reductions of principal. If you are in over your head, you can play hardball and get them to reduce the amount you owe. You can do this outside of bankruptcy. You can do this through the mail. You do not have to talk to people and be bullied. You can keep your job and not be concerned with collection people calling you at work.

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