If you can't lose your debt, Move Your Debt !

If you can't lose your debt, Move Your Debt

By:     www.CreditCardMall.com



Are you in debt? Need Help? … not only in debt-related situations, but also in trying to avoid paying extremely high interest rates that will most likely take 20 years to pay off when making minimum payments? Believe it or not, many people have this problem, and don't do anything about it!

Listed below are some useful tips on how to lower your debt and take control of your financial life. Hey, it's your money. So, do it now!

One way to help yourself get out of debt faster is to transfer your high interest rate credit card balance to a lower interest rate credit card or lower rate loan.

However, be very careful if you are transferring your balance to a lower interest rate credit card. Transferring your high rate card to a lower rate card can save you a lot of money if you find a card that offers both a low intro rate as well as a low ongoing rate. It also depends on how long you feel it will take to pay off your card debt.

Be sure to read the terms and conditions before transferring your balance to a new credit card. Some credit card companies offer lower rate "intro" offers which allow you to transfer your balance to their card with, for example, a 0% intro rate initially, but then the rate bounces back up to a higher interest rate that is variable (changes).

Other credit card companies offer a fixed rate; for example, a 9.9% fixed rate. This rate will not change for the most part. Fixed rates are typically higher than the intro rates, but they are fixed and should not change and if they do, you are notified.






Transfer Options

Here are two transfer options from which to consider and choose:

1.    Transfer to a low intro rate credit card. This is ideal for a person who feels he/she can pay off the balance within the required time period thus obtaining interest-free debt for 5 months! The worse case scenario is that interest payments start after the intro period has ended. However, if the interest rate is the same or lower than what you are currently paying, you will come out ahead of the game because you would have saved on the lower intro rate.

2.    Transfer your balance to low fixed rate credit card. This is good because you are locked into the interest rate for the long term. In most case, you don't have to worry that the intro rate will change. If there were a change, you would be notified. This is ideal for people who are paying off their credit card debt over the long term and want to lower their interest rate.

Another option for reducing your debt faster is to obtain a home equity loan. By using the equity in your home, you can obtain a lower interest rate loan and pay off your credit card debt. This interest is deductible on your tax form. (Please check with your tax advisor first as laws are constantly being changed.) However, remember you are putting your home at risk here. You must be responsible, or you can end up with high debt and, additionally, nowhere to live!

Change Your Spending Habits!

If you really want to reduce your credit card debt even more, you are going to have to change your lifestyle. Listed below are some things you can do to help reduce your expenses by changing your lifestyle habits:

-    Consider creating a budget for yourself
-    Reduce your miscellaneous expenses
-    Leave your credit card home!
-    Smoke? Quit! (Ex: You can save     approximately $1,800 per year if you presently are smoking a pack per day!)
-    Bring your lunch to work
-    Borrow or burn your CDs
-    Rent movies instead of buying them

Now, we do not want you to become a hermit; however, you should definitely cut down on spending until you can control your debt comfortably.

You may also consider getting a part-time job and putting all that extra money towards your credit card debt until you can get the charges under control.


If you would like to compare some popular low-rate credit cards, visit our website at:

www.CreditCardMall.com

CreditCardMall.com is a Credit Card and Loan Directory that can help you compare the most current credit card rate and loans. You can navigate through our website and choose the card that best fits your needs. We have contracts with some major lending institutions to sell their credit cards as well as to apply for loans. All online applications are safe, secure, and managed by each individual bank. Be sure to read all the terms and conditions for each credit card and make note of the rates and fees involved, if any.

Note: If you have bad credit, there will most likely be high fees and high interest rates.





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