How to reduce your credit card interest rate payments...

[Dien Rice]

Originally Posted by sandalwood

Great topic. Thanks for starting the thread. Here is what I did with a debt I inherited (long story so I'll spare that part). I was paying interest on that debt until my brain moved from frozen to thinking. I transferred the balance via an interest free offer from a credit card. It also was fee free.

When the no interest charge period expired I again transferred the remaining balance to another credit card. This time I had to pay a transfer fee which was not welcome but was a hell of a lot less than the interest I would have charged had I not made the transfer.

This month I will write a check for the balance and be free from the debt. Ordinarily I always pay the balance in full before the due date. This was an unusual family circumstance. Regardless, the lesson is pay attention to the credit card transfer offers currently being touted. Several super large organizations are offering interest free balance transfers that allow up to 18 months to repay. If you can arrange your payments accordingly you won't pay a dime in interest. That is a great deal.

Tom, that is a brilliant idea!

Thanks for sharing it... I hadn't thought of that!

I do have a bit of credit card debt... I'll look into moving it on to a card with an interest free deal.

I like it...

Best wishes,

Dien