Many people have issues trying to get their credit card debt under control. Unfortunately, high interest rates often make this an even bigger challenge. The interest on your debts can cause your debt to continue to balloon, causing you to pay way more money than you actually spent using your cards.
The following are some credit card debt solutions that can help you lower credit card interest rates:
Pay your credit card debts early – The interest on your credit cards is determined by your average daily balance, so every day that you wait to pay your monthly bill, the more interest you’ll end up having to pay. Don’t mistakenly think that you need to wait for your statement before you can pay – you can pay a monthly bill before you receive the statement!
Pay more than once a month – Some people will save up so that they can pay as much off their card as possible. Instead, pay when you can and pay often in order to chip away at your debt and keep your interest from building up. Remember, you’re not limited to paying just once a month.?
Pay your credit card bills electronically – Every day matters when it comes to the accumulation of your interest. This means that paying electronically will ensure that no time is wasted since your payments will be immediately. Pay by mail and it will take a few days.?
Transfer balance to a new card – If you have a new credit card that has a 12 or 18 month 0 percent interest rate, something that’s often offered on new cards, then transfer the balance from your old card to this one so that you can begin paying it off without incurring extra interest.?
Ask your credit card lender for a financing offer – New credit cards often come with 0 percent promotional financing offers for a limited amount of time. There’s no reason you can’t ask your credit card lender if they can extend this promotion to your existing account. Just give them an incentive to do so by telling them you’re tempted to cancel your account in order to be transferred to a retention agent that will provide you with such an offer.