And that raises the question: if you're carrying high -
interest credit card balances month - to - month, should you prioritize paying down those balances or contributing to an emergency fund in case of sudden financial hardship?
As soon as you have a job, so that you have income you can show, keep your eye out for zero
percent interest credit card balance transfer offers, so that you can keep the debt from growing rapidly while you are trying to pay it off.
However, if you can benefit from transferring high -
interest credit card balances without paying fees, taking 15 months of 0 % APR to pay it down and utilizing Chase's creative payment options to do so, you'll be using the card for its intended purpose.
Lets say you have: a Mortgage at 5 %
interest a Credit Card balance at 20 % interest a High Yield Money Market Bank Account earning 10 % interest, with enough money in it to easily pay off the mortgage and the credit card.
If you're looking to transfer high -
interest credit card balances, the Discover It ® would be a good choice with its 0 % APR for 18 months balance transfer option.
You can get a 0 APR credit card and transfer your high -
interest credit card balances to lower interest costs.
Compare credit counseling and debt settlement services to see which option is better for helping you get out of large amounts of debt, especially high -
interest credit card balances.
Consolidating your debts, especially high -
interest credit card balances.
It's a relatively low - interest loan option that some people use to consolidate credit card debt — meaning, taking a more favorable loan to pay off several high -
interest credit card balances.
A Home Equity Line of Credit (HELOC), Home Equity Loan, or Cash - Out Refinance is a great way to clear away not just high -
interest credit card balances, but also student loans, auto loans, and medical bills.
Some debtors choose to take out home equity consolidation loans, some apply for a low -
interest credit card balance transfer, and others recruit the services of a professional debt consolidation company.
Transfer all high -
interest credit card balances to a new card that offers a 0 % balance transfer promotion (or similarly low rate like.99 %).
If you need to finance a large purchase or transfer high -
interest credit card balances, you might want to consider the no annual fee Capital One QuickSilver Rewards card that offers a 0 % APR for the first nine months for both purchases and balance transfers.
You can take advantage of the 60 - day zero - fee window after opening the card to transfer your high -
interest credit card balances.
There's never an annual fee and the 0 % APR balance transfer period can help you pay off those high -
interest credit card balances.
Balance transfers are used by many balance - carrying cardholders as a way to move a high -
interest credit card balance to a card with a lower interest rate, thus reducing the cost of carrying the balance each month.
Once you sign up for a balance transfer credit card, you transfer your old high -
interest credit card balances to your new card and begin carrying those balances at 0 % APR..