Are you consumed by credit card debt worries and are having trouble paying the bare minimum on your card?
You will find relief in the reality that you are not on your own and it happens to quite a lot of people. Just about 75% of people in the US keep a balance on at least one credit card and of those people, they usually pay the smallest balance each month. It will take forever to pay down when you only pay the smallest amount required each month.
Using Credit To Become Debt Free?
It might look odd to think about credit as a device used to become free of debt but it is all in how the cards are used. The tremendously aggressive characteristics of the credit card industry have made way for a minimum interest introductory rate and the 0 credit card introductory rate.
The Power Of Low Interest Rates
Low interest rate credit cards aren’t intrinsically terrible, but if utilized carelessly can result in added debt. Self control is important when it comes to spending, and when in debt develop a strategy to get debt free.
Getting a hold of a low APR credit card is essential to give yourself time to breathe especially if you hold other credit cards with extreme balances and high interest rates. When you are granted approval for a low APR credit card, you should be able to reassign your balance and start saving soon. When you have a $20,000 balance on a credit card at 29.99% APR vs. a credit card that has a 1.9% introductory APR, the difference in the annual payments added up would be about $5400.
Have Good Self-Discipline
Don’t take advantage of the new low APR credit cards to create more financial issues by shopping or spending more. Start using the money that was initially used to pay your interest to start paying off your balance, if you do this then in time your debt will slowly begin to disappear.
Getting low APR credit cards are not the only solution. You’ve got to stop spending on all unneeded expenses and keep to a strict yet sensible budget.