Debt, debt, debtI'm sure you're tired of hearing about debt. Unfortunately, if you are having financial problems, you won't hear the end of it from creditors until it's paid off (or at least being paid off on time). With high interest rates, that can be easier said than done. Luckily, there is a way to fix your problem more quickly.
I'm sure you get ads all the time for balance transfer credit cards with 0% interest. Most of the time, there are loopholes that make it not a very good deal after all, but every once in a while, you will find a great deal if you look for it. With a low interest transfer credit card, you can consolidate all of your credit card debts onto a single card with a lower interest rate.
This will make it much easier to pay off your loans, because more of the money you pay will be going towards paying off the principal, not just the interest. A lot of times the 0% offer is just an introduction, so make sure you understand this if it's the case, and find out what the interest rate is after that period is over. Paying no interest for a short time, but much higher interest after, may not help you.
It will provide short term relief though, and you may even be able to pay off your debt during the introductory period. If you find the right deal for your situation, you can truly save hundreds or thousands of dollars. The simplest way to avoid credit card debt is to fully pay your bills every month.
If you pay the balance down to zero every month, you will never have to pay interest, which is what makes the debt harder to pay back. Every month that you don't pay, the amount you owe grows. Then you add more expenses to that, which also grows, etc. You should try very hard not to let this happen. If you haven't been able to keep your balance at zero, you should definitely think about getting a 0% APR credit card to transfer your balance to.
This will give you a period of time to pay off your debt with no interest, so you can get your balance back to zero and your financial situation back on track, before causing major problems. When you are considering getting a balance transfer card, be sure to ask to following questions: How long is will the introductory rate last? What will the rate be after the introductory period? If there are penalties for late payments, what are they? Will getting this card make you payment lower each month? Will it help your credit score? Are there fees to transfer money? If so, what are they? These questions, and any other details you can find, are necessary to make sure you aren't getting ripped off. Don't be too quick to sign up based on promised of free flights or money back, etc. Read the fine print, and at some point, you will find the right card for you.
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