In a terrible economy, it is high time that the I Was Broke. Now I’m Not. team deliver ways to save money! This five part series will share the top five ways that we see people saving lots of money.
I believe that if you apply these five items, you will save over $1,000 a year. Don’t believe me? Try them out!
Part Three Move high interest credit cards to zero-percent balance transfer credit cards
I do not know how the credit card industry has been so effective at teaching Americans to believe that 15% is a good interest rate. But they are great at it! I can not tell you the number of times I have heard the following statement during a financial counseling appointment:
“The interest isn’t bad on this card. It is only 17%.” Or 13%. Or 11.99%. Or … You get the picture.
I used to say the same thing (when I was BROKE). I got unBROKE by challenging my belief system and realized that I was allowing myself to be legally robbed of my money!
If you are paying high interest on a credit card, you should seek to restructure that debt. One great way to restructure debt is to play the “surf the balance” game. Move the balance to a zero-percent balance transfer credit card and then work like crazy to pay it off. If it is not paid off by the end of the zero-percent period, surf it again. This ensures that all of your payment goes to reduce the principal balance of the debt.
There are several 0% Balance Transfer Credit Cards located on the “Next Steps” tab (HERE). Move the balance and make progress toward 100% debt freedom!
You will save a ton of money by restructuring high interest debt!