Credit Cards
Escape high-interest credit card debt with smart refinancing strategies
How to Save on Credit Card Debt
Credit card debt is one of the most expensive forms of debt, with average rates of 20%+ APR. Here's how to get out:
- Balance Transfer Cards - Move your debt to a card with 0% APR promotional period
- Debt Consolidation Loans - Lower your rate and simplify payments
- Transfer to Personal Loan - Fixed rates, fixed terms, more manageable payments
Creditmaxxing Strategy for Credit Cards
- Calculate the total balance you're paying interest on across all cards
- Look for balance transfer cards with 0% APR for 12-21 months (typically 3-5% transfer fee)
- If your credit isn't good enough, consider a debt consolidation personal loan with a lower fixed rate
- Stop using credit cards while paying down the debt
- Pay more than the minimum to maximize savings