In today’s tough economy with tight credit and high unemployment, most of us are doing everything we can to reduce debt. Credit card companies and banks don’t seem to be doing much to make this task any easier with recent interest rate and penalty hikes. However, there may be a way for consumers to leverage market competition to lower bills.
Credit Card Balance Transfers
Consider a 0% credit balance transfer for some of your high interest credit cards. Because the market is competitive, many banks and credit companies offer specials. If you have been ignoring these offers, it may be time to consider them. If you do not have a high enough credit limit on the special offer, call the company and tell them your situation. Sometimes they can be flexible, and they may give you enough of a balance to move your old debt.
Auto Loans With Zero Percent Interest
But beware of some 0% auto loan offers. Even though the interest rate looks great, it may require you to pay your loan off much faster which will still result in a high monthly payment. Make sure you can afford the monthly payment because missed or late payments may make the offer void and put you back on a plan with a higher rate.
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