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The interest rate is the fee charged to the borrower by the credit issuer... ...more
A low interest credit card offer might be just what you need to improve your financial situation. With careful planning, you can use these cards to consolidate debt. These tips will help you with your consolidation strategy.
Get the Lowest Interest Rate Possible
Compare credit card interest rates, and apply for the card with the lowest rate. Several credit cards offer a 0% interest rate for an introductory period. You can transfer balances from higher interest cards to the new card. Your monthly payments will be lower, and you can pay off the balances in less time.
Don’t Continue to Use Your Higher Interest Credit Cards
The mistake many consumers make after consolidating debt is accumulating even more debt on their old credit cards. It will be very tempting to use your old cards since they are now free of balances, but you need to resist doing this. You don’t need to close the old accounts, but keep the cards somewhere other than your wallet.
Be Diligent About Making Payments
Your low interest card can suddenly become a very high interest card if you don’t make your payments on time. Credit card agreements state that a late or non-payment will result in steep fees and increased interest rates. Keep track of when your new payment is due and send payments in early if possible.
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“Rate” Defined in Regards to Credit Cards (previous post)
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