20Nov Save on high interest rates
One way I’ve learned to save on high interest rates charged by credit card companies is to perform a balance transfer of all my amount owing to a card that charges significantly lower interests. This is not difficult to find because there are many Balance Transfer Cards available in the market today and you can easily compare their rates and duration of payback period that will suit your financial needs.
Bear in mind that the longer you choose to pay off your debts, the higher the interest you will incur. When choosing a balance transfer program, you need to be smart and do some calculations on all the options you see. It may not be apparent to you which is the best and cheapest option until you do a calculation on the total interest payable.
The best kinds of balance transfer programs are the ones that charge you zero percent interest. Just look out for these great deals, but also check on the terms and conditions. The zero percent interest may only be applicable for several months of the entire duration. Also, a word of caution, if you do not pay your credit card bill on time, you will be charged the market interest rate on your balances and not the lower interest rate you enjoy from your balance transfer program.
So save some money the wise way. You never know how long this global financial crisis and recession will last. We all need to ride out the rough waves for now.
November 21st, 2008 at 9:54 am
I have the habit of paying my credit card bills on time every month. I feel weird if there’s a balance in my statement.
November 24th, 2008 at 11:01 pm
That’s a very good habit so keep it up. I try to, and I often forget and have to pay the late charges! Argh!!!