It’s no surprise that I’m not a huge fan of credit cards. This is mainly because, in the past, I ran up huge balances on them three separate times. As a financial teacher, I have seen a large amount of people entangled in credit card debt and paying huge interest charges. While this is not an ideal situation to be in, there is always HOPE and a way out! So how do you make credit debt disappear quicker? One way is 0% Balance Transfer Credit Cards!
Here’s an example – I recently met a family that had several credit cards. They were paying 7.99% interest all the way up to 22.99% interest. We used the Actual Cost of Debt Calculator to calculate the amount of interest that was being paid each month. It was a ridiculously large number! So I encouraged them to apply for a 0% balance transfer credit card. This type of credit card would ensure that 100% of their payment would go towards reducing the principal. Guess what? They tried it and were approved and the balance was transferred to 0% for 12 months. In just fifteen minutes, they had reduced their interest fees by over $100/month. Over $100/month for fifteen minutes worth of effort is a pretty good paying job! That’s a savings of OVER $1,200 PER YEAR! Now they are working their way to 100% debt freedom even quicker!
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 towards the balance owed? Having trouble finding a 0% balance transfer card? Just click HERE.
If you’ve already switched to a 0% Balance Transfer Credit Card, how much is it saving you every month?