Large credit card debt results in heavy and continual losses until the debt is paid off, primarily because the interest rates on credit card debt are much higher than normal loans. An individual ends up losing considerably more money paying interest costs than they have actually been spent using the credit card, not to mention the repercussions on credit rating when one fails to make timely payments. These seeming debt traps can actually be used to your advantage if you use a little wisdom and the following tips:
Remembering the high interest rates, transfer you balances to your lowest interest rate credit card, where you may get a 0% or the lowest possible rate for some period of time. During this period of time where you have low or 0% interest, you can attack your other debts that are attracting heavy interest rates. Keep track of other balance transfer offers and be ready to repeat the process towards the end of the period on the first 0% or lowest interest offer. If you don’t find another low interest option, pay off as much debt as you can to reduce the loan burden. Because the credit card industry is intensely competitive, you will almost always find 0% or...
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