I was reading a very interesting article about what is the best way to transfer your credit card debt to another card, which carries a much lower interest rate, so you pay less for your consumer debt.
I figured I’d help out with a simple trick I use to make the credit card transfer much simpler:
- Find out your exact balance on your current credit card and how much you pay in interest on it. It’s important to understand just how much you are paying in consumer debt charges.
- Find a card that has a much cheaper interest rate or has a cheaper rate for a short period. Take your existing debt load and estimate how much you’ll pay with that credit card, still seems like a lot of money, doesn’t it?
- Pay off the first damn credit card, you are nuts to carry a balance on these financial lampreys. I’m serious, pay off your credit card debt right now!
- Once you have a zero balance on the first card, cancel that credit card, and cancel the second card if you applied for that as well. This makes it less likely to end up back in the position you started with.
Simple, solution isn’t it? You thought I was going to write something else?