0% Credit Cards Make Credit Debt Disappear Faster

I am not a huge fan of credit cards because I ran up huge balances on them three separate times.  As a financial counselor, I have seen lots of people entangled in credit card debt and paying huge interest charges.

For example, I recently met with a family that had several credit cards and they were paying 7.99% interest all of the way up to 22.99% interest.  We used the Actual Cost of Debt Calculator to calculate the amount of interest they were paying each month.  It was a large number!

So I told them that I would apply for a 0% balance transfer credit card so that 100% of their payment would go toward reducing principal.  Guess what?  They tried it, and they were approved for the first card they applied for.  The balance has now been surfed to 0% for 12 months.  In just fifteen minutes, they reduced their interest fees by over $100/month.  Over $100/month for fifteen minutes worth of effort is a pretty good paying job!  That is a savings of over $1,200 per year!  Now they are speeding their way to 100% debt freedom!

Are you paying high interest on a credit card balance?  If you are, why not roll over that debt to a 0% interest card so that 100% of your payments will go toward the balance owed?  Having trouble finding a 0% balance transfer card?  There are several 0% interest balance transfer cards located HERE that you can apply for on-line.

Readers:  Have you surfed high interest credit card debt to zero interest credit cards?  If so, how much is it saving you every month?  Click on the comments below and share your story!


  1. ES on November 12, 2008 at 6:25 am

    I have tried with each credit card company to get interest rates lowered. Everyone said no. I tried the 0% with ones you have on this website and got turned down. What do you do in a situation where everyone says no? I am a person who always pays and pays on time but they still tell me no. Where do I go from here with the credit cards besides continuing to pay them each month.

  2. Caryn on November 14, 2008 at 5:09 pm

    We have some friends who used 0% credit cards to pay for their house! It was an older house they purchased, dismantled and moved, then reconstructed all themselves with a little help for things like electric/plumbing/etc. Everything was put on a 0% credit card, then when the 12mos (or whatever) 0% rate offer expired they would find and transfer the balance to another 0% card. They did this several times over a few years until they paid it all in full! Now they are living debt-free in a warm, cozy home they constructed themselves and paid NO INTEREST for whatsoever!!

Leave a Comment