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The Secret Way To Pay Down Debt Faster Than You Ever Dreamed

[Thursday, September 21st, 2017]

If your credit card debt feels like a black hole from which you can never escape, you might feel like you’ll never be free of worries about minimum payments and APRs. The bills keep mounting as you slowly chip away at each balance, wishing there were a way to pay down your debt faster.

Good news. There is a way – and it’s much easier than you might have ever imagined. With a zero percent balance transfer offer, you can pay off your credit card debt in a substantially shorter amount of time than you bargained for. Here’s what you need to know.

Transferring a balance is easy, but there are a couple of things to be aware of. The first one is that the higher your current APR is, the more you’ll benefit from the 0% APR offer. If you have debt on more than one card, you’ll want to transfer the debt from the card with the highest interest rate first.

The second thing to keep in mind is that there will most likely be a balance transfer fee associated with the new card. This fee is usually 3-5% of the balance you transfer. In most cases, this is a fee worth paying. If the money you’ll save on interest is more than the fee, it’s worth it; just do the math if you’re not sure. There are many balance transfer calculators available online to help you figure this out.

Creditworthiness counts

The better your credit score, the more offers you’ll be eligible for. If your credit is good, you can find a credit card that offers a 0% APR on balance transfers for the first year, and possibly even 18 or 21 months. You might even be able to find an offer with no balance transfer fee.

If your credit is only so-so, or even not great, you may have a harder time finding a 0% balance transfer card offer. But don’t despair: there are many great offers out there, and it may simply be a matter of finding the right one for you.

Once you transfer your high-interest balances to a zero-interest card, you’ll be amazed at how much further your monthly payment goes. Pay more than the minimum if you can, so you can pay off the entire balance before the promotional offer ends. This way, you’ll never again pay a penny of interest, and you can be debt-free before you know it.

See also

Q: How To Live Debt-Free Sooner Than You Ever Imagined

Having credit card debt hanging over your head is no fun for anyone. But avoiding getting into debt can be hard.

more ››
Q: How to Pay Off Your Credit Card Balance Fast

Many people are carrying credit card debt from one month to the next, simply paying the minimum balance each month, and accruing more and more debt as interest fees add up.

more ››
Q: What to Look for in a Balance Transfer Offer

When you want to transfer your high-rate balance to a lower interest card, you will be faced with many choices. Virtually every credit card issuer offers a balance transfer card, and it seems like every offer says it is pre-approved. So, how do you sort out the best offers from the not-so-great ones?

more ››
Q: How to Save Thousands with a Balance Transfer Credit Card

You may have heard people talk about playing the balance transfer game to bounce credit card debt around and avoid paying interest on revolving balances. Or you may have gotten a call from your credit card company offering you a balance transfer. But many people do not really understand how doing a balance transfer can save them money.

more ››
Q: Tips on 0 balance transfer credit cards

Lots of banks and credit card companies come up with special balance transfer credit card offers promising low or 0% intro APR on balance transfers for a promotional period of time, typically between 12 and 21 months.

more ››
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