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!