Consumer Watch: Credit card debt

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by WHAS11

WHAS11.com

Posted on March 13, 2012 at 4:36 PM

(WHAS11) -- Looking for a quicker way to pay down credit card debt? Transferring a balance to a card with lower interest is one option.

You'll want to read the fine print. Transferring a credit card balance to a card with lower interest or zero interest can be one option to help consumers pay down their debt.

Be aware they are usually for a temporary period so read the terms carefully and know when the offer expires.

The best balance transfer offers the ones with zero interest are made to those with better credit. Those with less than stellar credit can probably still snag an offer, but the window of low interest will likely be shorter giving you less time to pay down that debt, so a good plan is key.

If you do manage to get a balance transfer card, decide how much you're going to pay each month. If you've got 12 months on your intro rate, divide your debt by 12 months, and that's your payment every month so you can get out of debt.

Also do not add any extra purchases to the balance transfer card. The point is to get rid of credit card debt, not burden yourself with new charges.

Click on the video player above to see the full story with WHAS11’s Andy Treinen.

 

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