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Credit card counseling
Credit card counseling can help you get out of debt fast. If you are in credit card debt, then you might want to try going to credit card counseling in order to find out what you need to do in order to get out of debt. Generally, it's possible to...
No Credit Check Payday Loans To Escape Delay Through Credit Checks.
Your plans to get loan proceeds released in haste can be marred
because of credit checks. A credit check would involve studying
the credit report of the borrower. With a clean credit report
you can hope to qualify for approval within a few days....
Settle Credit Card Debt Through consolidation
Do you feel the need for credit counseling services? Are you finding it hard to figure out how to manage your money so your debts are repaid? Are you having trouble making even the minimum payments on credit bills? Then it’s time to call in the...
The Downward Spiral of Credit
How do you avoid getting further and further into debt? Credit cards can suck you in without you really realizing it - everyone needs one, and they are great in emergencies. But often people gradually let themselves get into more and more debt,...
Zero Percent Credit Cards
When searching for a 0 apr credit card, one with 0% annual
percentage rate (apr) for a trial period, one of the best ways
to find a good deal is to compare the credit card rate of
several sites. One way to find reliable sites is to start with...
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Using 0% APR Credit Cards to Become Debt-Free
Normally, when you're looking to consolidate credit card debt
you have the following options: get a debt consolidation loan
-or- apply for a home equity loan. But if your credit card debt
is still manageable, you may want to consider consolidating your
balances to a 0% APR
credit card instead. Using a 0% APR credit card will help
you spend more money paying off your balances, and less on
interest charges!
To use a 0% APR credit card to pay off your debts, follow these
steps:
1.) Transfer your existing credit card balances to a new 0% APR
credit card.
2.) Continue to pay down your balance as usual. But instead of
paying only the minimum each month, also pay the amount of
interest you would have paid with your other card. This will
reduce your debt even quicker!
3.) Watch your introductory period. When it's about to expire,
shop around for a new 0% APR credit card and transfer your
balances again.
4.) Continue this cycle until you become debt free!
0% APR Credit Cards vs. Debt Consolidation:
So you're considering a debt consolidation loan instead of a 0%
APR credit card. Let's see how much you could save and how much
quicker you could pay off your debt using the method shown
above. Here's an example:
Assume you have an existing credit card debt of $15,000. You
would like to pay $250 per month until the debt is paid off.
Your debt consolidation loan was approved at 7% (much lower than
your original 12% credit card!).
Beginning Balance $15,000
Total Principal Year 1 $2,014
Total Principal Year 2 $2,160
Total Principal Year 3 $2,316
Total Principal Year 4 $2,483
Total
Principal Year 5 $2,662
Total Principal Year 6 $2,855
Total Interest Paid $3,516
Total Amount Paid: $18,516
TOTAL # Payments Made: 70
Now let's compare paying off this same debt using 0% APR cards
Beginning Balance $15,000
Total Principal Year 1 $3,600
Total Principal Year 2 $3,600
Total Principal Year 3 $3,600
Total Principal Year 4 $3,600
Total Principal Year 5 $ 600
Total Interest Paid $ 0
Total Amount Paid: $15,000
TOTAL # Payments Made: 50
You save $3516 over a six year period! Plus you'll be done with
your payments 15 months sooner! Imagine being debt free over a
year before you planned!
Words of Advice:
Although using 0% credit cards to pay down your debt is a great
option, try not to switch credit cards too frequently. Doing so
can negatively impact your credit report. Shop around for 0% APR
credit cards that have the longest introductory periods and the
lowest APRs (after the intro period) to buy you a little
breathing room. Also, don't fall into the trap of spending again
on your old credit cards. Either close them or deactivate them
so that you don't get yourself into further debt. And don't
overspend with your new card either (even if it is 0%)! Finally,
make sure you apply the money you saved on interest to your new
payments to help eliminate your debt faster.
To see a complete list of 0% APR credit cards, please visit:
ASAP Credit Card
About the author:
by ASAP
Credit Card - Copyright © 2005
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