Are you consumed by credit card debt worries and are having trouble paying the bare minimum on your card?

You can rest assured that you are not the only one affected by this. More than half of US Citizens carry a balance on one of their credit cards, and the majority of those people pay the lowest amount on their account. It will take forever to pay down when you only pay the smallest amount required each month – get more information here.

Using Credit To Become Debt Free?

It might look odd to think about credit as a device used to become free of debt but it is all in how the cards are used. The dynamic environment of the credit card industry have paved a way for low annual fees and even 0 credit card introductory rates.

The Power Of Low Interest Rates

Low interest credit cards are not essentially evil. However, if handled recklessly will bring financial trouble. Self control is important when it comes to spending, and when in debt develop a scheme to get a blackjack chart.

Getting a low APR credit card is crucial to allowing yourself room to breathe if you already have any type of credit card balances on other higher interest rate cards. When you are granted approval for a low APR credit card, you should be able to reassign your balance and start saving soon. When you have a $20,000 balance on a credit card at 29.99% APR vs. a credit card that has a 1.9% introductory APR, the difference in the annual payments added up would be about $5400.

Self-Discipline Is Key

Don’t take advantage of the new low APR credit cards to create more financial issues by shopping or spending more. Begin paying down the initial debt with the money you were using to previously pay for interest, and eventually your debt will vanish.