Credit Card Debt Help – 3 Tips To Reducing Debt
While getting out of debt may seem impossible, there are numerous solutions available that will help consumers become debt free. Individuals who have acquired an enormous amount of debt may consider bankruptcy as their only alternative. However, this maneuver to alleviate debt is extremely damaging to your credit score. Before filing bankruptcy, consider the following tips to help you reduce credit card debt.
Apply for a Low Interest Balance Transfer
Many financial experts advise consumers to pay more than the monthly minimum on credit cards. In theory, this plan will reduce your debt. On the flip side, many consumers are unable to pay double their monthly minimums. The best method for reducing debt is lowering interest rates. A low rate credit card equals low finance chargers, which means a larger portion of your payment is applied to the principal.
If you have good credit, you may be able to negotiate a lower interest rate on your current credit cards. Furthermore, applying for a low interest balance transfer will help eliminate your debt. Some credit cards offer an introductory low interest...
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