Do you have credit card debt and are trapped in a constant fight to make small payments on a huge card balance?
Understand that you are not by yourself and that this happens to a lot of people everywhere. More than half of US Citizens carry a balance on one of their credit cards, and the majority of those people pay the lowest amount on their account. 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 really argumentative spirit of the credit card industry have created a path for small introductory rates and 0 credit card intro figures.
The Power Of Low Interest Rates
Credit cards with low interest rates are not innately bad, but if used incorrectly will give additional financial burden. Self control is important when it comes to spending, and when in debt develop a scheme 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. As soon as you are authorized for a low APR credit card, you are usually able to move balances and start saving immediately. The variation in a monthly cost for a $5,000 balance at a 24.99% APR vs. a 1.9% starting APR, would be roughly $1100.
Self-Discipline Is Key
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.
Low APR credit cards aren't the only way out. To escape debt and stay free you will need to get rid of all of your pointless expenditures and remain on a practical budget. This could be a larger undertaking but worthwhile at the end.