Balance transfers can help eliminate high-interest credit card debt

The number of Americans carrying high interest credit card debt has sky-rocketed over a very short period of time, really over the last six months We've hit an all-time record high and outstanding credit card balances in the country and a big percent of people running credit card balances are so discouraged they expect to be in debt the rest of their lives of that credit card debt

So there are things you can do particularly if your credit score is still good, one of the best is to rearrange that debt into a lower interest rate credit card, what's known as a balance transfer, where you take the balance you have outstanding on a high interest rate credit card and move it to one with a lower interest rate Now the good news is there are a number of balance transfer offers, but the best of them require that you have a very good to extremely high credit score With the best offers you pay no balance transfer fee and you pay a low rate of interest on the balance transferred until you have paid it off There are others that are teasers that offer you 0% for let's say 6, 12 or 18 months, but if you know it's going to take you years to pay off that balance I would prefer that you transfer to a card that has a good low fixed rate, typically single digit like 79, 8

9 percent and then you work steadily over the years to wipe out that debt You know your credit card statement has a box on it showing that if you pay minimum payment on your cards you'll be in debt typically for the next 40 years On the other hand if you pay a little bit more each month and you'll see that in the box you can be completely debt-free on that debt in 3 years Now sometimes it may be a little more than a little bit more but the point is I want you thinking about a time frame, a goal to become debt-free!