In Fact, Almost 70% Of Americans Keep A Balance On One Credit Card Or More

Category: Finance, Credit.

Low interest credit cards can provide you with the answers you are looking for when it comes to getting free of debt. In fact, almost 70% of Americans keep a balance on one credit card or more.

If you are like millions of Americans, you are probably having difficulty keeping up with the minimum payments on your credit card. Similarly, 45% of those with balances pay only the minimum payment every month. A Glimmer of Hope. Unfortunately, paying only the minimum on a credit card balance can mean taking years to pay it off. Low interest rate credit cards can provide you with the debt- relief you have been looking for. Since credit card companies are in such fierce competition to acquire and to keep customers, many offer outstanding introductory offers.

As an intelligent consumer, you can turn credit cards around and make them work for you rather than against you. In fact, there are several cheap credit cards that offer an introductory APR as low as 00% . Finding Cheap Credit Cards. When used wisely, these low interest credit cards can be your ticket to financial independence. Luckily for you, it is not particularly difficult to find low interest credit cards. On the downside, sorting through all of these credit card offers can be confusing and time consuming.

In fact, a number of major credit cards send mailings directly to your home to offer you a card membership. For this reason, one of the best ways to find low interest rate credit cards is visit a web site offering side- by- side comparisons. You can also view the long term rate after the introductory rate is complete in order to determine which of the low interest credit cards will best suit your purposes. Here, you can view introductory rates, and how long, annual fees the introductory rate lasts. Taking Advantage of Low Interest Rate Credit Cards. This will help you start saving money immediately.

After selecting and applying for the low interest credit card of your choice, the first step to getting yourself debt free is to transfer your balances from high interest credit cards to the low interest credit card. In fact, a credit card balance of$ 9, 000 with a 199% APR will cost you over$ 1, 600 more per year than a credit card with an APR of 9% . Also, low interest rate credit cards may have a higher interest rate on balance transfers, so be sure to be certain of the APR associated with the transfer. Be sure, to look into, however possible balance transfer fees or other fees that might be associated with moving your credit card balance from one card to another. After saving money with the lower APR provided by low interest credit cards, it is important for you to take advantage of the savings to become debt free. Instead, you need to send the money you save back to the credit card in order to pay down your balance. Too many people look at the savings as an excuse to spend more or they use the money elsewhere.

After using the saved money on principal rather than interest, you will gradually start to see your balance disappear. Of course, low interest rate credit cards are not the only answer for getting out of debt. Creating a Budget. Rather, they are one tool to help you get there. In addition, you need to either quit spending money on your credit card or make sure you have enough money coming in at the end of the month to completely pay for the additional debt placed on the card- and this money needs to be above and beyond what you already have set aside for your regular credit card payment. To get out of the red, you will need to create a budget that involves sending regular payments to the credit card that exceed the minimum payment amount.

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