Do you feel like you’re carrying credit card debt around like dead weight? Maybe it’s time to consolidate your debt — and work to save a little money on interest in the process.
In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to talk about restructuring your credit card debt to save money. By carrying around several debts on a number of credit card accounts, why not explore options for reducing the number of accounts and moving all your debt into an account with a lower interest rate?
Many new credit card accounts offer a lower introductory interest rate as a promotion. Find the card with the lowest introductory rate and look into the details on its transfer rate. Do the math to find out if the savings you’ll have on paying interest is greater than the transfer fee. I can’t stress enough: Read the fine print on this one!
Also: You may be able to call up your existing lendors and ask them to lower your interest rate. Many times, to keep you as a customer, they’ll work with you to lower your rate — which saves you money.
Remember, I share advice on getting the most of your money and life each and every weekday. Subscribe to my YouTube channel to catch the latest episodes of Your Money Minute for more!