One Way to Pay Off Credit Card Debt Faster (A MUST READ)

The interest rate you pay on debt impacts the total amount of interest you will pay in the end. In the credit card game, if you want to pay them off quickly, reducing your interest rate can be very beneficial.

Here is a simple step for reducing or eliminating your interest rate. By transferring your high interest credit card balance to a 0% interest credit card or loan, you can eliminate or reduce the interest for the introductory term. The term can vary and you want to read the transfer terms. Remember, companies are always looking for ways to make money off of you and me. The “hustle” is normally in the fine print. Be sure read carefully and to pay off the transferred credit card balance one month (or sooner) before the introductory term ends. By doing this, you don’t run the risk of the term expiring and having to pay all of the interest that accrued during the introductory period. Yes! The interest clock starts the minute you make the transfer but if you pay it off before the introductory term ends, you will NOT have to pay it. You can save hundreds or even thousands of dollars in interest by using this method. You can take the money that would otherwise go towards interest and use towards the principle balance. This can drastically reduce the amount of time you stay in debt.

Imagine reducing an 18% credit card interest rate down to 0%. If you have a $10,000 balance with an 18% annual interest rate and you reduce it to 0%, that would save $1800 in interest. You can use the savings towards other debt balances. Even if the interest rate is not 0% but it is considerably lower, you can save. Low interest or 0% interest balance transfer credit cards can be found online easily (cardrates.com). BE CAREFUL to only select cards with no balance transfer fee and no annual fee. The balance transfer fee is “slick” interest. Make sure you know the interest rate after the introductory term expires to avoid getting in the same situation or worse. If you are focused and disciplined you can quickly accelerate out of high interest debt with this method. Once you have paid the lower interest credit card off, CUT IT UP, SHRED IT OR BURN IT!!!!

Jay Cameron

EXAMPLE ONLY