Use Low Interest Credit Cards to Get Out of Debt

Use Low Interest Credit Cards to Get Out of Debt

Low interest credit cards can provide you with the answers you are looking for when it comes to getting free of debt. If you are like millions of Americans, you are probably having difficulty keeping up with the minimum payments on your credit card. In fact, almost 70% of Americans keep a balance on one credit card or more. Similarly, 45% of those with balances pay only the minimum payment every month. Unfortunately, paying only the minimum on a credit card balance can mean taking years to pay it off.

A Glimmer of Hope

Low interest rate credit cards can provide you with the debt-relief you have been looking for. As an intelligent consumer, you can turn credit cards around and make them work for you rather than against you. Since credit card companies are in such fierce competition to acquire and to keep customers, many offer outstanding introductory offers. In fact, there are several cheap credit cards that offer an introductory APR as low as 0.00%. When used wisely, these low interest credit cards can be your ticket to financial independence.

Finding Cheap Credit Cards

Luckily for you, it is not particularly difficult to find low interest credit cards.

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In fact, a number of major credit cards send mailings directly to your home to offer you a card membership. On the downside, sorting through all of these credit card offers can be confusing and time consuming. For this reason, one of the best ways to find low interest rate credit cards is visit a web site offering side-by-side comparisons. Here, you can view introductory rates, annual fees, and how long the introductory rate lasts. You can also view the long term rate after the introductory rate is complete in order to determine which of the low interest credit cards will best suit your purposes.

Taking Advantage of Low Interest Rate Credit Cards

After selecting and applying for the low interest credit card of your choice, the first step to getting yourself debt free is to transfer your balances from high interest credit cards to the low interest credit card. This will help you start saving money immediately. In fact, a credit card balance of $9,000 with a 19.99% APR will cost you over $1,600 more per year than a credit card with an APR of 1.9%. Be sure, however, to look into possible balance transfer fees or other fees that might be associated with moving your credit card balance from one card to another. Also, low interest rate credit cards may have a higher interest rate on balance transfers, so be sure to be certain of the APR associated with the transfer.

After saving money with the lower APR provided by low interest credit cards, it is important for you to take advantage of the savings to become debt free. Too many people look at the savings as an excuse to spend more or they use the money elsewhere. Instead, you need to send the money you save back to the credit card in order to pay down your balance. After using the saved money on principal rather than interest, you will gradually start to see your balance disappear.

Creating a Budget

Of course, low interest rate credit cards are not the only answer for getting out of debt. Rather, they are one tool to help you get there. To get out of the red, you will need to create a budget that involves sending regular payments to the credit card that exceed the minimum payment amount. In addition, you need to either quit spending money on your credit card or make sure you have enough money coming in at the end of the month to completely pay for the additional debt placed on the card - and this money needs to be above and beyond what you already have set aside for your regular credit card payment.

For more on how to use low interest credit cards to get out of debt, Robert Alan recommends that you visit CreditCardAssist.com

What Ever Happened to the Side-Hill Troggler?

When I was a kid, we talked about such things as the Side-Hill Troggler. This species is missing in more than one way. I couldn't find it on the Internet, but I did find the following at http://www.algebra.com/algebra/about/history/Munchers.wikipedia

In all the Munchers games, the player controlled a green “Muncher” character across a grid of squares containing a short numerical or word expression. The objective is to consume all and only the grids containing information satisfying a specific criterion (determined by the mode of play) while also avoiding the deadly “Troggle” monsters (name probably derived from troglodyte) which roamed the grid.

That might be close. Let's look up troglodyte.

In the Devil's Dictionary I found the following: http://devil.kaywa.com/t/troglodyte.html

Troglodyte (By Ambrose Bierce at 14:12) n. specifically, a cave-dweller of the Paleolithic period, after the Tree and before the Flat. A famous community of troglodytes dwelt with David in the Cave of Adullam. The colony consisted of "every one that was in distress, and every one that was in debt, and every one that was discontented" — in brief, all the Socialists of Judah.

Yeah! Right!

Well, that is not the definition I was looking for. Let's try Dictionary.co

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