Easiest Way to Pay Off Credit Cards

As the year winds down, those Christmas credit card bills start rolling in, and many of us wonder how we’ll ever get them all paid off, especially with interest rates running as high as 29% or more on some cards.

If you’re like most people, you probably spent way more than you planned to over the holidays, and those monthly payments are going to eat up most of your budget for the next few months. But, there are some options out there, especially if your credit score is fairly good.

Now, I know over the past couple of months, you were probably inundated with credit card offers, but more than likely, with the holidays gone, so are the offers. Relax. You can still find some really excellent rates on both personal loans and balance transfers.

Balance transfers are especially good if you’re trying to pay off your credit cards – you just transfer the balance on an old higher interest rate card to a new card with an introductory, interest free period. And, honestly, if you can pay the new balance off within the allotted time frame, a balance transfer may just be your best option to pay off Christmas debt. Not only will you not have ANY interest charges during the promotional period, but most offers give you at least 12 months (and usually even longer) to pay off the balance – just make sure that you have a plan to pay the balance transfer off so that you’re not stuck with a big interest payment down the road.

But where can you find balance transfer offers for your credit range?

Here’s a good place to start:

Easiest Way to Lower Your Monthly Payments

As the end of the year approaches, one of the smartest things that you can do for yourself is to start planning your budget for 2019…

How much money do you have to work with?  Where did you overspend this year?  Where can you save money next year?

That said, one of the easiest places to look for savings is at your monthly expenditures.  Once you’ve taken care of housing, transportation, and basic necessities, how much are you spending on monthly credit card bills?  How much is the interest on those credit cards?  And how long will it take you to pay them off if you’re only making the minimum payments?

If you don’t like your answers to any of these questions, you might want to look into a personal loan.  With a personal loan, you can easily consolidate all those monthly credit card payments into one, typically lower payment each month.  And since interest rates on personal loans are usually lower than the interest on those credit cards, you’ll be able to pay the personal loan off much sooner than the credit card bills.  

So, would your monthly budget benefit from a personal loan?   Take a look and see for yourself: