Eliminate Credit Card Debt

How do you eliminate credit card debt? There are several ways to look at this problem. You can refinance your home loan to consolidate the debt or you can compare credit cards to find a better offer. We will be looking at how to compare credit cards in eliminating credit card debt. Keep in mind the easiest way to eliminate credit card debt is to stop using the credit card for purchases, except once a month to prevent fraud.

When you compare credit cards you are looking for any option to transfer your credit card debt to another credit card in order to lower the amount of debt you have. For instance compare credit cards that offer you an introductory rate on balance transfers. You will find when you compare credit cards for this purpose that some cards offer a 0% balance transfer for twelve months and a transfer fee of 3%. This means that you will not have any interest for the first twelve months you have the card. This can be a great thing when you compare credit cards because some cards offer you the 0% for only three months. You will also find that the 0% interest is lower than the current credit card you hold. The current credit card you hold may have an interest rate higher than the average 14.9%.

When you compare credit cards you should look at the credit card you have at the moment. Is the company willing to help you lower the interest rate to the current market rate, which will help you eliminate the credit card debt that you have? If they are willing to lower the rate you may find it is better to stay with the credit card company you have at the moment for your credit history rather than changing credit card companies.

When you compare credit card companies to help eliminate credit card debt you should also ask yourself when they will check your credit history and what the disadvantages of the universal default may be. You may have a credit card right now that is invoking the universal default. This is often an unpleasant disadvantage because you will be paying an extremely high interest rate and therefore not eliminating your credit card debt. When you compare credit cards you should look for a card that will not have a universal default. In other words you want to obtain the best looking credit card that will help you reduce your credit card debt rather than create a new situation where you will suffer more after the initial introductory rate.

To compare credit cards is often the only way you will find the most help in eliminating your credit card debt. There are many things to look for when you compare credit cards aside from universal default, and APR. You also need to compare credit cards for fees. When you compare credit cards you will notice there are fees for late payments, annual fees, balance transfer fees, and other fees. To compare credit cards you will find that most of these are around the same rates; however some credit cards will have no annual fee or they may offer no late fees based on the type of card.

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