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April 20, 2007, Newsletter Issue #16: Paying Down Credit Cards
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Tip of the Week
Ideally, you have little to no credit card debt and you're able to pay the bill off in full each month. Unfortunately, that is not a reality for most people. But you can get out of that debt and have one less bill showing up at your door each month. Laura T. Coffey, an MSNBC.com contributor, suggests transferring your existing balance to a credit card that has a lower interest-rate. By doing this, you could save hundreds of dollars in interest payments and therefore pay the card off faster. If you currently have a balance on a card with an a rate of 18 percent, try finding a better deal on a card with a 12 percent or 8 percent rate. Even better, find a card that offers an introductory rate of 0, 1 or 2 percent and pay the balance off before those rates go up.
Another trick to rid yourself of credit card debt is to stop making late payments. While it not only hurts your credit, you also rack up late fees, which is money you could be paying toward the interest and principle on the card.
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