How to Stop Living Paycheck to Paycheck (2nd Edition): A proven path to money mastery in only 15 minutes a week! (Simple Personal Finance Books) (Smart Money Blueprint) by Avery Breyer

Author:Avery Breyer [Breyer, Avery]
Language: eng
Format: epub
Publisher: Impeccable Publishing
Published: 2016-10-05T20:00:00+00:00

Credit Card Debt: How to Save Money by Trimming Your Interest Rates

If you carry a balance on your credit cards, transfer it to a lower interest card, or a line of credit. Ok, so you know you shouldn’t carry a balance on your cards, but if it’s too late and you already have it, then you might as well pay as little in interest as possible while you pay it off.

Right this minute, I want you to take a look at your credit card statements and find out what the total is that you owe, and what you’re paying in interest. Seriously, do it right now. I’ll hang out here while you take care of that.

Got the numbers? Great! Next, contact your bank and find out if you’d qualify for a line of credit big enough to cover the expense of paying off your credit cards right now. Double check the rate of interest they’ll charge you. I bet you it’s way lower than what your credit card company is charging you. Bank closed right now? Then put this on your to-do list for first thing in the morning on the next business day. If they agree to give you the line of credit (you might have to go in for an appointment and speak with a loan officer personally), then take it. Now pay off all those credit cards. And do not, under any circumstances, run up a credit card balance again — if you can’t trust yourself not to, then cancel the credit cards and cut them up. Problem solved. Now focus on paying off that line of credit as quick as you can.

Worst case: If you can’t get a line of credit from your bank, head for Google and take a look at the competitor’s credit cards on offer. Do any of them offer lower interest rates? Do you meet their cardholder financial requirements? If you do, take note of the rates and the cards that are offering them, then call your current credit card company and see if they will match it. Often they will do this if it means they get to keep you as a customer. In one phone call, you can save yourself a ton of cash with the lower rates you can get.

Worst case: If your current credit card company refuses to match the interest rates on the other cards, then apply for those better cards, transfer your balance over to the new lower rate, then cancel the old card. But before you do this, double check to see if there is a fee that you’ll be charged for transferring the balance over. Only transfer your balance over if whatever fee you’ll pay is offset by the savings you’ll get with the new, lower interest rate.

Another really cool thing that can happen is that sometimes the new credit card will offer 0% interest for the first few months. Keep an eye out for those kinds of offers too, keeping in mind that

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