Have a lot of credit card debt? Feel like you will never get it paid off because of sky high interest rates? Let me help you!
When I think of credit cards, I think of debt and interest rates.
According to The Nerd Wallet, the average American has a credit card debt of over $15,000 & are getting killed with interest rates.
How do interest rates kill you? Let me toss out a quick example. Lets say you have a balance of $6500 with an APR of 19%. If you only pay the minimum, by the time you pay that card off you will have paid over $15,00! That’s over $8,000 in interest!
Now, no need to feel embarrassed or be hard on yourself, hundreds of thousands of Americans are being weighed down with credit card debt right now.
There was a time that my wife and I were in this group, getting hammered with interest fees every month. But then we decided to take control, take a hard look at our finances and set a plan to get out of the revolving credit debt cycle.
How did we do it? Two words, Balance Transfers.
How do balance transfers work? Basically other credit card companies want your business and will take on your credit card debt for a set time frame interest free.
Cool right? There is usually a 3% fee, but that is a drop in the bucket to have a year + of interest free time to pay off your card.
This month, Capital One has a great promotion. Free, 0% balance transfer for 21 months!
What that means is, you can transfer your balance from your high interest credit card over to them. Make a plan to pay the card off in 21 months, and not have to worry about interest!
Now to make this work, and to make sure you get your card paid off…DON’T ADD ADITIONAL CHARGES TO THE CARD YOU ARE IN THE PROCESS OF PAYING OFF.
If we did it, you can too!
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