An outstanding balance credit card is something that most people have been dealing with at one time or another. It can really bog you down financially and cause a lot of stress. There are many ways to avoid having to deal with an outstanding balance credit card and knowing what they are can help.
The first thing you need to do is make a list of all of your credit cards and figure out the interest rates on each one. You want to be able to figure out how much of an interest rate you are going to have to pay on each of your cards and then find the minimum monthly credit card payment needed to pay them off. This will give you a better idea of how much of an impact leaving one of your cards would have on your finances.
Now it is time to check out your other options and see what ones may be the easiest to transfer to. Be sure that you consider the fact that there may be a limit to the number of transfers that you can make each month and this will depend on your individual credit score. Most companies want you to transfer as many cards as possible so be sure to read this information before making any final decisions. There are some cards out there that will give you an unlimited number of transfers but these typically come with higher interest rates and fees than others.
Once you have transferred all of your balances to your new outstanding credit cards, look over your remaining outstanding balance and see what you can afford to pay monthly. You don't want to over extend yourself financially or you will only end up hurting your chances of being able to make the new, higher monthly credit card payment. Make a commitment to at least cut back twenty percent from your current balance. It is best to do this quickly so that you can start reaping the benefits immediately. If you find that you are still struggling to make ends meet each month, you may need to seek out some additional financial help to get through the tough times.
The next step to finding the right way to transfer your credit card balance is to figure out what your total payments are each month. Remember that you will need to add twenty percent to your total balance for each new balance transfer that you make. The key to figuring out your payments is to add them up and then divide them by four. For example, if you have three payments per month, your payments would be: three x 12 = 365. Divide this by four to find your monthly payments.
This is just the first step in finding the right way to transfer your credit card balance. In order for you to do this right, you will have to take a look at your remaining terms on your cards and determine which one has the highest interest rate and balance transfer fee. Remember that you can always choose to pay off the oldest card first and transfer your balance to the newest one. However, if you only have three months or less before your balance transfer expires, it may not be worth it to pay off the older card first. Instead, you may want to consider choosing the lowest interest rate and the lowest balance transfer fee on your cards to help you stick to your budget. You will also want to look for cards with the longest-term commitment and the lowest balance transfer fee and charges.
After you have figured out how much money is leftover each month to pay down your outstanding balance, you will need to look for the lowest balance transfer price. The easiest way to do this is to search for “lowest balance transfer price” on the internet and see what comes up. You may want to search for multiple credit cards and then see what their introductory offers are. After you have found the best price, you can simply apply for your balance transfer. Once your application is approved, you will have to make your monthly payments to your new creditor, in order to start paying down your debt.
To keep your credit rating from getting any worse, you should also work on your credit history. Paying off any outstanding debts and making all of your payments on time will go a long way toward repairing your credit score. By keeping your outstanding balance down, you will be able to get a better interest rate and lower the amount you need to borrow each month. In addition, by paying off your debt, you will also increase your cash flow and save more money each month to put toward paying off your outstanding balance.
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