For the last few decades the credit crisis in American history has the paved the way to the steady decline of the economy in the country. This type of credit crisis in America is due to the lack of the practical knowledge in deciding  to give the concrete shape to the building of the basic concepts on the formation of the economic policies.

For instance with the entry of Bush administration into the power in America, there was the palpability of the financial discomfiture and encumbrances which maximized the steady downfall of the financial condition in the country with strong and prominent feasibility of the credit crisis in the American history. There is no denying the fact that more than half of all American citizens are in possession of credit cards or some other types of loans including car loan, mortgage loans. It is the fact that due to such credit crisis, there is strong possibility of the overall recession nurtures very serious strike on most households. Now it is also true that  Federal Reserve has declared it will minimize its prime rate in the wake of a suggestion given by President Bush to generate $145 billion cut in taxes. There is no denying the fact that it has come as a boon to credit cardholders who have given up hope and aspiration to overcome debt. It is also true that banking sectors and credit companies have suffered a lot due to the huge losses in revenues.

Therefore the lowering credit cards’ APR will let them to garner at least few of the charges and minimize the insolvency cases. Therefore it is thought to be the most favorable period to minimize one’s debt with the assistance of balance transfer credit card that will be available with the option of the much lower APR.