The Big Secret Of 0 Apr Credit Cards: Debt Reduction
Americans have fallen into the debt trap to an extent that our grandparents could never have imagined. We have to have everything, and we have to have it now. As a consequence, many of us are drowning in credit card debt. Here is a possible solution.
The days of low prime rates are over now, and 0 APR credit cards are harder to find. Not impossible, though. Many companies still offer 0 APR credit cards for limited period only so that they can attract new customers. This initial period of up to 12 months can save you buckets of money if you have high interest credit cards.
This is how to you can handle it: First, transfer your balance from your high interest credit card to your new one. This will lower your monthly payments and save you money every month. Second, dont go shopping yet. Rather, take these savings and pay down the balance on your credit card. Now youre paying principal instead of interest. Do this for the entire initial period and youll be surprised at how much you can pay off your balance.
Third, dont use your new credit card to spend more money, because when the higher interest rate...
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