Get Out of Debt 101 Blog

Sometimes the credit cards we use end up helping us get deeper and deeper in debt. Have you checked yours lately? They are (in)famous for changing their rates in a heartbeat, so much so that by the time you realize the rate has changed, you have already been charged a lot more interest. Well, they write the rules, not us…

So, what can you do to fight back? Well of course the first thing would be to set up a plan to get out of debt as soon as possible and put it into practice right away, so you can take control of your finances.

And while you are doing that, try to pay as little interest as possible. If you have a card that is charging you a high percentage, you can look into getting a new card with little or no interest so you can transfer some of the balance (or the whole balance) into it.

A good credit card I found is the Good Neighbor Visa Credit Card.

This credit card offers zero percent interest on your balance transfer for up to nine months, which will save you a LOT of money on interest. And if you do the transfer within 90 days of opening the account, there is no fee for the balance transfer.

So look into it, it may be a good deal but like everything else, it will depend on your situation.

We usually not recommend getting another credit card but in this case, it can save you money. Just remember that if your credit is bad, the interest rate you get may not be very favorable, but at least for 9 months you won’t pay any interest. Use that money you will save, to pay down your debt. See you tomorrow with more tips and resources to help you get out of debt.