With the economy being in such a mess most people have had to cut corners anywhere they can so most are just paying the minimum amount they can on their credit card debt. Some have consolidated their credit card debt and had the minimum amount of their monthly payment lowered. But did they realize that even by doing that the amount they pay is still mostly going toward the interest? Yes, the interest is what will keep you in debt for years. I want to share with you a legal way to get rid of that interest so your payments will actually reduce the debt and help you get your credit card paid off.
Most of us who have a valid credit card get more offers from credit card companies or banks almost every day in the mail asking us to switch to their credit card. Some offer a “no interest” and a ” no transfer fee” if you will transfer your debt to their card. These are the ones we are looking for. Take the time to read how the offer works and then follow through with the transfer. You can get from 12 to 16 months of no interest charges, which means every penny you pay will go toward reducing your debt during that time period.
During this “no interest” time period try to pay a little more than the minimum payment but even if you can’t do that be sure to pay the same amount even after the monthly payment starts to get lower. That’s a trick they use to try to keep you from paying off the card before the “no interest” time runs out. So if your payments are $100 per month then continue to make that payment the whole 12 to 16 months. Just because the payment got lowered to $60 or less doesn’t mean you can’t pay the same amount you started with. Don’t let them trick you into paying less.
If you still have a large balance on the card after the allotted “no interest” time period has expired, just do another “no interest” transfer. But before you do that, be sure to check if the credit card you have has a transfer fee. Even if they do, it will most of the time be a lot lower than what you would have to pay in interest. Most run from $25 to $75 for a transfer so do the math first to see if that would be the right way to go. You can save thousands of dollars by doing these simple and legal transfers and get your credit card debt paid off faster.
By the way during this period you should NOT use this credit card to make new purchases.
And don’t forget to make your monthly payment or your “no interest” card or they may start charging an interest. It may be a smart move for you to talk to your bank and get it set up for an automatic pay, that way you know it is made on time.
