If you need a credit card with no interest there are still some fantastic deals out there. The recession is biting hard and everyone needs save money. Clever people are restructuring their finances ready for the challenging times we all face. Many of the credit cards we hold have pushed up their interest rates dramatically as we entered the recession. Do you know the Interest Rates of the cards you currently hold? Do you know how much Interest you pay a month?
It has been calculated, with some of the credit cards on the market that if you owed $5000 and only paid the minimum payment every month it would take you 14 years to clear the balance! On that same $5000, if you paid 2% per month your interest would be $100. Many credit card companies ask for 3% minimum payments per month - $150. So you pay $150 and your bill goes down by $50. If you pay the minimum payments on time of 3% for 18 months your balance will be $4172.58. If you transferred the original $5000 balance to one of the many 0% deals. The numbers will amaze you. Paying the same 3% per month you will have reduced the balance to $2889.76. You have also saved money on your 3% payments each month because the balance is much lower. A total win win situation.
The finance companies play a very clever game they understand how difficult it is for their customers to pay their debt plus the interest which is added monthly. Play them at their own game and get yourself financially fit. Get yourself a 0% card deal or at least improve the deal you currently have.
This Information should be taught at school. Unfortunately I had to learn the difficult way, this simple strategy saved me years of repayments and helped me escape the credit card trap. Take control of your finances visit:-
Information about the best 0% Credit Card transfers on the Market
http://bit.ly/d6OG1f
James Gallagher
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