If you suddenly find yourself drowning amidst a sea of high interest credit card accounts, you may wish to try a few self debt reduction techniques to make your monthly payments easier to manage and go further towards paying what you owe rather than just paying on excessive interest rates.
Playing credit card roulette is a popular method of stretching your monthly payment dollars further without having an increase in income or sending larger payments to your accounts.
Transferring Balances
One of the easiest and quickest ways to pay off a credit card is to transfer the balance to another card! Obviously, you still owe the debt, but the original credit card will have been paid off. The only time it is recommended to transfer your balance from one credit card to another is when you are able to get a credit card with no interest or one with a much lower interest rate than the original credit card, as making payments on the transferred balance with the lower interest rate will result in your payments paying more towards the principal and less towards interest.
While this may seem like a fun and easy way to reduce your monthly expenses, there are some...
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