Use Your Good Credit to Consolidate Debt & Save Money by:Jennifer Tarzian
If you are like me, you receive multiple 0% APR credit card offers on a daily basis
. Up until about a year ago, I would just throw them away. Then I wised up and saw an opportunity. Not only could I consolidate my current credit cards, I could eliminate unnecessary interest expenses.I first transferred all outstanding balances from my high-interest credit cards (which were all of them) to my new 0% card. Now I was only making one payment a month instead of three. I then determined the average payment I would have to make each month to have it paid off at the end of the promotional period. That's the payment I made each month and it saved me a great deal of money in interest charges. At the end of the promotional period, my debt was paid off and I hadn't spent a dime in interest! The other option would have been to transfer the balance once again to a NEW 0% card at the end of the promotional period, further lowering the initial monthly payment.
I do have a few suggestions before jumping in and signing up for any 0% card. Compare all that are out there! Read the terms carefully. Is there a balance transfer fee, and if so, how much is it? Does the 0% apply to balance transfers only or to purchases as well? How long is the 0% promotional period? Know the terms well or this 0% card could cost you more than that 18% card you're already carrying in your wallet. There are a great deal of cards out there - pick the one that is the most beneficial to your needs. Best of luck!
About the author
Jennifer Tarzian holds a Bachelor of Science degree in Psychology. Her experience includes sales, service, and managing a small corporation. She is proud to be a stay-at-home mom and enjoys spending time with her family and friends.
http://www.youngparentsmagazine.com
http://creditcards.youngparentsmagazine.com Top 10 Reasons Home Based Businesses Fail! by:Bart Saxey Finding And Keeping Good People by:Paul Phillips I'm A Credit Card Deadbeat: You Can Be One Too! by:Stephanie Andrews Your Offline Banker does not Want You to Know the Differences between Online and Offline Banking by:David Jones Real Estate Post Card Marketing; Million Dollar Mailings by:Lanard Perry Presentation Design - Why Is "Well Done" So Rare? by:J. Douglas Jefferys Secured Loans With Low Interest and Easy Repayment Are The Best Option For Borrowers by:Steve Clark Credit Repair Myths Exposed by:Jim Eastman Consolidate And Live Debt Free by:Christopher Luck First Impressions by:Robert Nixon The Project Management Mindset by:Ryan Leibowitz How To Make a Fortune in Investments? by:Lil Waldner How to use Mind Map Tool for making Great Presentations by:Dr V J Mariaraj