See How A Low or 0% Interest Balance Transfer Can Save You Money
We posted before on the advantages of a 0% balance transfer from a higher interest rate credit card. You may think that you cannot find one any more since the card companies have cracked down on credit applications. But there are plenty of offers out there for people who have decent credit.
It may very well be worth your trouble too. Look at an example if you carry a $5k balance at 21 percent (not that high these days). By paying a hundred bucks a month towards that balance, you are setting yourself to stay in debt for one hundred and nineteen months. This also means that you will have paid your credit card company almost twelve thousand dollars for a five thousand dollar balance!
But if you can reduce that rate to zero percent, it would only take 50 months of payments. OK, I admit you will not find an offer for zero percent balance transfers that will last that long, but you may reduce that interest rate to something like five percent. That would still reduce your payoff time to 56 months, or about half of the 21% interest rate.
If possible, of course, it would be better to apply more than 100 bucks a month to a $5k balance, but that may not be possible.
If you are interested in saving some money on your debt, why not take a few minutes to look for online offers? You can visit our original post : Find 0% balance transfer offers.
0% Credit Card Balance Transfers Can Help! Credit Card Balance SmackDown – Higher Fees + Lower Limits Lower Credit Limits Can Mean Lower Credit Scores
