One of the primary reasons why credit card debt is so hard to get out of is because of the high interest rates that is added to it every month. If you can only get rid of this rate, do you think you can pay off your debts quickly? If that is all that you need to get ahead of your credit problems, then there is a way for you to get rid of your credit card’s interest rate. It is another type of debt consolidation that makes use of balance transfer cards.
The idea is to literally transfer the credit card balance to another account. You can shift your balance to an existing account that has the lowest interest rate but if your goal is zero interest, you can avail of a new account that offers this as an introductory promo. With all the negative publicity about how credit cards can easily put anyone in debt, banks and credit card companies came up with a promotion that will attract discouraged consumers. They offer these zero interest cards so debtors have the option to transfer their high interest credit card balance into this new account. Of course, there is a fee involved that is usually a percentage of the amount that you will transfer. Nevertheless, the elimination of the interest rate is a great way for anyone to eat up a huge portion of their debt. The companies behind these balance transfer cards are strictly mandated by the government to lengthen the zero interest promo period. The minimum is 6 months. After that, these cards will go on to their intended high interest rate charges. Read entire Want To Eliminate Your Credit Card Interest Rate? Here’s How where it was originally published.
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