Effective Steps for Paying Off Debt Using Balance Transfer Cards
Tuesday, 19 March 2024, 00:00
How to Pay Off Debt Using Balance Transfer Cards
Paying off debt can be a lengthy process, especially with high-interest credit card debt averaging 22.75% APR, according to the Federal Reserve.
Steps to Follow:
- Calculate Time Needed: Add up balances and fees to determine monthly payment and debt-free timeline.
- Find 0% Intro APR Card: Look for cards with an intro period matching your payoff timeline.
- Compare Fees and Perks: Evaluate balance transfer fees and additional benefits as tiebreakers.
- Apply and Transfer: Apply for selected card and set up balance transfers promptly to start the process.
- Continue Payments: Maintain payments on old cards until transfers are complete to avoid late fees.
Don't be complacent with 0% APR; focus on paying off debt before the introductory period ends to maximize savings.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.