0 Interest Credit Cards: Best Thing To Lower Your Balance

By Author: Fredy Siswanto
Total Articles: 21
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We realize in this global economic recession having a credit card debt can be a big problem for most of us. If your debt is beginning to become a problem and you seem to be paying off interest all the time but making very little impact on your overall debt you need to look at methods of debt reduction that could have you debt free.

There is a lot of information's out there telling you how to lower your credit card debt. Some of them might be right but some obviously are not. So we need extra effort and cautious to find reliable resources to help us making the right decision of our financial situation.

For those of you who do have very good credit, one way to reduce your debt is by transferring your balances to a no interest credit card or a low interest credit card each time your introductory period runs out. You should actually transfer your balance to a new card about a month before the offer runs out. By doing it, you need not to pay interest so you can lower your credit card debt one in a time.

This is an excellent way especially for ...
... people which carry large amount on balances. It needs discipline though in order to pay out your debt and sometime it takes time to reduce your debt depending on how much your outstanding balance carry on the credit card.

Then, what we doing are jumping from one card to another card which offering 0 introductory interest rate. Some says it will not easy these days switching from one card to another in this economic situation but no harm to try, right? One thing you have to remember, do not try to reapply once you got declined by the lenders. It will harm your overall credit score. You must wait for months before you can try it again.

The question is: Does 0 interest credit cards offering only for person who have a good credit score? The answer is no. Even if your credit is less than perfect, balance transfers can still help you to save money. Whether you have excellent credit, good credit or credit that is less than perfect, you can benefit from transferring balances to credit cards with lower interest rates.

The keys are: read carefully the fine print, compare credit card offers one to another (you can do both online or offline), find out the introductory interest rate, end of introductory period, normal interest rate, annual fee, late payment and other finance charges. When you finished with your research choose the best one that suit your current financial situation.

So if you carry a large monthly card balance, start thinking to find a low annual percentage rate or APR that can save you money significantly. While doing so try not to use your card to buy goods and other unnecessary needs in order to reduce your balance. And in some instances this can save cardholders thousands of dollars, depending on the life of the card balance.