If you’ve got a credit card that is maxed out and you’re only able to make the minimum payment every month, then you already know that most of your payment is going toward paying the interest on the credit card, very little is actually going toward the actual balance that you are carrying on the card itself…at the rate you’re going, paying the card off could take three years or more.
Did you know there is a better way to pay that maxed out credit card off?
The easiest way to pay the high interest credit card off AND not have to clean out your savings account is to transfer that balance to a new credit card with a lower interest rate. Then you can make the same payment, but you’ll pay less interest AND pay the card off sooner.
How do you find credit cards that allow you to transfer the balance from an existing card to your new credit card?
Actually, that part is pretty easy – while there are lots of credit cards out there that allow balance transfers, there are only so many that offer REALLY good interest rates, no balance transfer fee, no annual fee, and no hassles – you simply transfer the balance and make payments.