How much do you spend or how much do you owe? Will you be able to save the money by transferring the money or goods you can transfer from other sources (bank, credit card, auto rental, etc.) and still keep your current credit card debts? If so, you may want to consider transferring your existing credit card debt onto a new card with low interest rates or a lower APR (Annual Percentage Rate) than what you currently have.
Transferring your existing credit card debt onto a new card with low interest or low APR will make life easier for you, too.
Get Your Credit Card To Save Money With Easy Credit Repair
It can be very tempting to wipe up credit cards with a damp cloth, but could you ever imagine getting rid of all your credit card debt with simple oil changes? The answer really no. The truth is that it’s really so easy.
There are only a couple of things you have to do if you are feeling overwhelmed by debt. The first is you have to find the credit card that offers the lowest interest rate. If you look carefully you will automatically receive a credit card with a low rate before the introductory offer expires. This is definitely true for taking out a credit card with low interest.
The following is a brief guide to getting the best credit card low interest offers.
Credit card companies don’t get many chances with interest rates getting a lot lower. They all offer the same introductory offer and you can expect lower rates for just about any reason.
With that said, let’s examine the credit card rates within the credit card market.
Credit card 0% interest credit cards come with a fixed APR. If you pay off the balance with your existing card before the introductory offer expires then the credit card will be charged at a much lower rate than with your current card.
With a fixed interest rate credit card, if the balance is paid off each month then the rate will gradually increase to almost any rate for the next twelve months on up.
The rate charged by low interest credit cards will depend on the credit card. For example, if your credit card has a fixed APR at 12% but a high rate of interest every 9 months, then you will pay over 25% interest (12% of your balance). This means at least $500 in interest over the years.
It’s possible in this situation that you might look at a card with 25% interest and wonder if you should pay even 12% of the balance.
This kind of interest should not be confused with the 24% or even 22% rate credit cards that come with introductory offer/rewards. These rates tend to be significantly higher than the rates charged by low interest credit cards. It’s also important to look at the balance transfer options offered by the credit card companies.
Credit card rates are a major cause of credit card debt. With so many credit cards being advertised, many consumers find themselves not being able to pay off their existing debt at the very least. The fact that many people end up with credit card debt that they can’t even pay off at the end of each month makes the regular APR 12%, in my opinion 29% or higher!
While low interest is the most common way to go about getting debt relief, there are several others.
The fact is that simply saving even 12% on your debt is not going to solve your problem, it significantly reduces the overall interest rate. If for example you decide to carry over a high balance on your current credit cards, you are going to have to find a way to reduce your debt. Then all of the savings you have on existing debt will be in the savings on paying off your debt.
Keep in mind that taking the time to dig yourself out of the hole you are stuck in every day. At the end of the day, your goal is to reduce your debt and hopefully you will get the chance to, if you’re lucky, save hundreds of dollars with your new credit card.
Follow the simple steps:
pay off your existing debt.
pay off the new debt for another 12 months.
pay off the old debt for another 12 months.
improve your payment history with your credit card company by using automated means.Step #2: Make a payment that is near the amount specified on your credit card statement
Step #3: Pay the late fee of 20% of late payment.