Articles About Finance And Refinancing

Three Ways To Get Hold Of Credit Card Debt

It is very easy, these days, to run up those credit cards to the max. So many things, and bills that you can easily put on them, that they can tend to get out of control. However, with the interest rate that you are paying on them, and possibly some late fees, getting out of credit card debt is not going to be easy. So, it may be time to stop dreaming about what you don't have, and take some deliberate steps to correcting the problem. Here are some things you can do - and you can use a new credit card to do it.

Get A Credit Card With Balance Transfers

It may be a little hard to believe, but another credit card could very well be a key to help you get out of debt. You will first want to apply for a credit card that permits balance transfers. Most credit cards will now have this feature on them, as an introductory offer. It allows you to take the balance from another credit card and put it on the new one. Generally, you will have up to 15 months to enjoy an interest rate of 0% on any amount transferred.

There are, however, a couple of little tricks that you want to watch out for. There are three of them that involve balance transfers. The first one is that some credit card companies charge you for this option. Some will charge as much as 4% of the amount you transfer - most will not charge you. A second little trick that some employ is that you can only transfer amounts that you list on your application. The third one being that the time frame that you actually get on the 0% APR for transfers is less than the other part of the introductory offer - possibly as short as three months.

Take Advantage of the 0% Interest On The Transferred Amount

Once you have made the balance transfer, it is time to take advantage of it as much as possible. This means you now have the same amount of credit card debt, but now you do not have to pay the high interest - for the length of the introductory offer. The way you take advantage is to pay it down as much as possible, within that time period. If possible, try to increase your payment just to bring it under control - as quickly as possible.

Put Away Your Other Credit Cards

While some may not be able to resist the temptation to use up some of that available credit on the now empty credit cards, you need to forget about them. In fact, you should probably close them down, but leave at least one other card open. It is true that having other credit cards open can help your credit rating.

The best way to control those credit cards is to pay off the total each month. This will allow you to continually get a 0% APR balance, and keep a good credit score, too. Don't forget, too, that eventually the 0% APR on amounts transferred eventually runs out. If you still have balances, try to get a new card, and don't max out the old ones again.

Remember to look over the credit card fees, as some of them can be rather costly. Avoid cards with high interest rates and annual fees. You can even enjoy more benefits if you select a card that has rewards that are applicable to your way of life. For instance, if you travel a lot, get one that gives you air miles, and you will get free flights every once in a while - depending on how often you travel - and where.

Joe Kenny writes for the UK personal finance sites http://www.creditcardstore.co.uk and also http://www.cardguide.co.uk

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