When I embarked upon my journey to eliminate my high interest debt, I was disappointed with my initial progress. When I sent a large payment to my debt, the balance owed did not seem to go down very much. I soon realized that the interest rates I was being charged were incredibly high.
For example, a $7,000 debt balance with a 19.99% interest rate generates an interest rate charge of around $116.61 per month. In other words, I would have to pay $116.61 every month just to keep the balance the same.
That’s when I discovered the power of using 0% Balance Transfer Credit Cards. I applied for one of these cards in under 5 minutes. My application was accepted and suddenly my interest rate was zero percent for a long time into the future! Even though I was charged a small transfer fee, this simple transaction positioned me to eliminate my debt very quickly because ALL of my payment was now being applied to reduce my debt balance!
In the previous example, nearly $2,000 in interest would be paid if only the minimum payments were paid over the next 18 months. This can be avoided by using a 0% Balance Transfer Credit Card!
I encourage you to use a 0% offer you’ve received in the mail, or here’s one I’ve found that is 0% for 18 months on Balance Transfers:
Discover it® – 18 Month Balance Transfer