How To Cut Your Monthly Credit Card Payments With A New CardMarch 30, 2010 - 1:54 am
If your credit card debt has become overwhelming, you may be wondering if it is possible to cut your monthly credit card payments with a new credit card, and whether you would truly benefit from doing so. If your current credit card is charging you high rates and other fees, including finance fees or late fees, replacing it with a new card could be a good option for you. In order to reduce your monthly payments, your old credit card can be transferred to a new credit card with lower rates, fees, and monthly charges, which will lower your monthly credit card payment and bring you relief from your debt.
To reduce your monthly credit card payments with a new card, you need to find a credit card that can make you a better offer for managing and paying off your debt at a slower pace with fewer charges and penalties. This method will work best if your credit score is strong enough to open a new card with much more reasonable rates. Consider taking advantage of the introductory offers for low rates that some companies offer you when you submit a credit application and open a new card with them. Do your research to discover who can offer the best rate for your needs.
Don’t forget to consider the speed at which you will pay down your debt and how much your new rate will be on the remaining debt after that introductory period. Carefully consider the terms and conditions of a new card and get a credit application for a new card to get you started and on your way. Remember to carefully consider how much, if any, the fee is for a balance transfer from your old credit card to the new credit card. If you are making payments on multiple credit cards, consider how you could benefit from transferring each over to a new credit card.
Do not be afraid to ask questions and speak to a representative of the new credit card company to find out what they can do for you. The new credit card company is offering a service to you and wants you to be able to take advantage of that service. When you feel confident in your decision, make your choice, fill out the credit application, transfer your old debt to your new card, and begin making those lower payments. Cutting your monthly payments to a new credit card can free up some cash for your other obligations, and even save you on interest and fees in the long run. Do the math and do what is right for you and your pocketbook.
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