Credit card debt can be suffocating. If you don’t pay it all off monthly, you’re charged interest. But there’s a potential solution: another credit card! How can ANOTHER card help REDUCE debt?
Not everyone knows you can transfer your balance to a new card with a LOWER or ZERO interest rate! This is called a balance transfer. Here's how it works.
The tricky thing is, you do need decent credit – the first step is getting approved for a new low or zero interest credit card.
Then, get all the details about both cards together, get in touch with your bank, and let them know you want to do a balance transfer.
Once they’ve helped you transfer your balance, you now have moved your debt from a high-interest card to a low one!
Because you’re not paying interest anymore, you’ll stop sinking further into debt and can focus on just paying down the amount you’ve borrowed. Watch out, though – some cards only provide zero interest for a certain period, or will start charging interest if you make a late payment.
This is a useful method to consider if you need to consolidate and pay off debt. Interest makes paying down debt difficult, and a balance transfer can help make the process less stressful!