MoneyWisdom Blog

Cut the Cost of Debt with a Balance Transfer

Posted by MoneyWisdom Newsletter on Oct 25, 2017 10:03:49 AM

Credit card balance transfer

There is no magic wand to poof away debt. But you can save money and pay what you owe faster by thoughtfully managing your credit card balances. Start with a close look at your finances, and follow our tips to power down your balances.

  1. Add up all your unsecured debt – include credit card balances, medical debt, and personal loans. Can you see yourself paying it off in five years? If not, transferring your debt may not be enough to cut costs.
  2. What is your interest rate on each balance? Could you consolidate to one card with a lower rate? Consult one of our member service representatives for a free credit score review so you are sure you’ve got the best deal.
  3. Be clear on how you got into debt. If overspending is an issue, address it before consolidating. You might be tempted to run your balance up again and end up in even more debt.

Once you’ve established that your debt is manageable and you’re committed to paying it off, you’re ready to reap the rewards of consolidating your debt. Not only is it a good financial move, but you’ll simplify your life and reduce your risk of accidentally missing a payment and getting dinged with a late fee.

Be Financially Savvy Click for more information about balance transfers.

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