I know you will read this and wonder if it is legal, so before you ask, I checked with a finical lawyer to be sure this was legal to do. It's something the banks don't want you to know and will never tell you the truth about even if you ask.
Almost everyone owns at least one credit card, some have five or more...
and the interest is what keeps us in debt to the banks who issue them. BUT I am going to tell you how to stop paying that outrageously high interest so you can get out of debt faster and pay off your debt to the credit card issuer.
If you have a credit card you probably get offers from other banks wanting you to take out another credit card. Most of us just throw these offers in the trash without ever reading what they offer, thinking, yeah, I really need another credit card, it's all I can do to keep up with the payments on the ones I have because of the high interest rate.
Next time you get one of these offers take time to read it. This could be your way out of paying that high interest you have been paying for months or years.
When you find one that offers a NO FEE transfer with FREE (no)interest for 12 to 18 months it could be time to do that transfer. Just think how much you can save when you have no interest to pay...every dime you pay will now go toward the principal.
This will be like making an extra payment every 3 to 4 months without paying out anymore than what you have been paying. So now you can figure out just how much you will need to pay for the next 12 to 18 months to pay off that credit card.
The secret is to never miss a payment or be late with a payment or pay less than you started out paying. Always make your payment the same amount even if they reduce the amount of the payment, which they will do after a few months. This is their way of keeping you in debt or hoping to keep you long after the interest free months have expired so they can start collecting interest.
If you find you still owe a substantial amount a few months before your interest free months expire then start looking for another free transfer, no interest credit card.
But be sure to check with the card you now have to see if they charge for the service. Some do charge a small amount for a transfer but if it can save you hundreds of dollars in interest you may want to pay that small fee.
By the way Do not cancel your credit card after you have paid it off.
Keeping it open will raise your credit score by 15%
Use it to keep it active but be sure you can pay off the balance each and every month to avoid paying interest.
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