Of the debt held by the major credit card issuers, 82% of that amount is revolving, according to the 2023 Consumer Credit Card Report from the Consumer Financial Protection Bureau.
By moving the debt to a balance transfer credit card with a 0% APR promotion, you won't pay any interest for the 0% term, which can be as long as 21 months.
Identify the length of the 0% period, divide the total balance transfer amount by that number, and pay that amount monthly to eliminate the debt before interest begins.
The upfront balance transfer fee, typically between 3% to 5% of the transferred balance, should be considered in the overall repayment plan.
Collection
[
|
...
]