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You Can Use Low Introductory Rates for Debt Consolidation

Mar 20, 2008
Is your debt piling up higher and higher? If it is, perhaps it's time to consider debt consolidation, it could also be a good time to check out your junk mail. Begin paying attention to the fine print on those credit card offers flooding your mailbox. A low introductory rate on a new credit card could be just your ticket to reduce debt and save some cash.

In many instances, credit card companies can try to entice new customers with a tempting interest rate for a short period of time for signing up for the card. In most cases, the interest rate can be as low as 0% APR. Many times, you can hold onto this incredibly low interest rate for up to a year.

If your bills start stacking up, it is feasible to use this excellent introductory interest rate to your benefit. Don't worry if the interest rate isn't zero, even a low initial interest rate on a credit card can enable you to consolidate debt and make paying bills manageable.

Contemplate consolidating your debt over to your new card to save some cash and lower the number of bills you pay each month. You'll be able to hang onto more of your money by moving the balances from your higher rate credit cards onto the new card. You can likely do away with much of your debt by paying down the balance on your new card as quickly as possible. Consider this...all payments are applied to the amount you own, little or none is eaten up by interest.

This is the benefit of using introductory rates on credit cards to get rid of as much debt as you can while the interest rate is low. Pledge to cut back on expenses so you can pay more each month towards the card balance. Such as, if you shifted the balances from three of your credit cards for a total of $1000, you may have slightly lowered your monthly payment, however, don't pay only the minimum amount due each month. You'll be saving money on interest and paying off your debts quicker, if you can find it in your budget to pay a little extra each month.

Debt reduction using this scheme can be beneficial, but delicate, so be sure to carefully read the credit card's terms and conditions regarding the introductory interest rate. Most credit cards set the low intro rate at six to nine months while other cards might give you up to a year. Keep the expiration date in mind to decrease the unpaid balance so you're not stuck with the balances you rolled over from your original cards when the initial rate runs out.

By paying attention to the terms of the low rate credit card, you should be able to positively impact your financial circumstances by reducing your debt. In no time at all, you'll notice that bill paying becomes easier and you'll have a few bucks left over to spend on fun stuff again.
About the Author
Say goodbye to worrying about your debts! You'll never have to worry again if you're really serious about debt consolidation , visit http://debt-consolidation-strategies.com to find out more!
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