How to Reduce Credit Card Debt Payments

Posted May 15, 2009 by lottidotti / comments 0 comments / Print / Font Size Decrease font size Increase font size

This is a simple solution to reduce credit card debt payments each month. If you currently have credit cards that carry a balance and you are paying more than 0% interest, you should take action now to eliminate the interest rate you pay, or at least lower it.

Step 1

Get Organized.
First, make a note of each credit card you own.
Column two, enter the amount of debt on each
card. Column three: enter the interest rate you pay
for each card. Column four: enter the credit limit of
each card. Your list should look something like this:

  • Step 2

    Check which Transfer Offers are
    Available.
    • Call each credit card company and ask them what
    balance transfer offers are available for you. Take
    notes. (It is best to call because not all offers are
    available online.)
    • Ask them what the transfer fee is for each offer.
    • Ask them what interest rate will you pay on the
    transfer amount.
    • Ask them what date you need to transfer by in
    order to receive the offer.

  • Step 3

    Evaluate your Existing Offers.
    Look at each offer and see if there are any offers
    with “no transfer fee.” If you have the chance to
    transfer a balance with a high interest rate to a
    lower interest rate with no transfer fee, it makes
    sense to make the transfer.

  • Step 4

    Find New Transfer Offers.
    If there aren’t any transfer offers available with “no
    transfer fee,” look to apply for a new credit card.
    Even if you were able to transfer to a lower inter-
    est rate card with no transfer fee, it may be worth
    it to start looking for a better credit card to trans-
    fer to and start saving you more money.

    • Rate this Article:

    Be the first to rate me.


    * You must be logged in order to leave comments, please login or join us.

    Comments

    No comments yet.



    Need Help?
    Community Support
    Take a quick tour
    Learn More
    FAQ
    Site Links
    Join
    Login
    Recently Added
    Advanced Search
     
    Featured
    About Us
    Our Blog
    Freelance Jobs
    More Information
    RSS Feed
    Contact Us
    Twitter Updates
    Search Plugin
    Bookmark and Share
    Sign up for our email newsletter
    Name:
    Email:
    Please read our Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License except where otherwise noted.
    © Copyright 2008 - 2009 Webika Ltd. All Rights Reserved. (Render time 0.4680 seconds | memory used 2.03MB) v. 1.1.3 / 20091122 (w2)
    How To Articles | How To Videos | How To Presentations | How To Audio | Sitemap