I cannot afford my credit card monthly payments and also struggling to pay my credit card monthly repayments. My experiences, this is a common problem with everyone. If you also struggling with monthly credit card repayment you can try to save money by using following tips.
Switching to an interest free credit card: This can help you can back on top of your credit cards, especially if you are struggling with a high interest rate card. Some credit card companies are still offering 0% interest on balance transfers; this means once your credit card debt has been transferred you won’t pay any interest for the term of the 0%.
This works well as long you can afford to clear the balance within the interest free period. Once the interest free period ends the interest rates can suddenly increase to a high amount. Also be aware of any transfer fees.
Clear the credit card with the highest interest rate first: If you have more than one credit card, compare the interest rates you are paying. If you are currently paying more than the minimum payment to each credit card, then consider only paying the minimum monthly payment on the cheapest cards whilst paying as much as possible to the highest interest rate card. Once you have cleared one card, move on to the next highest interest rate credit card. This will only work if you can afford to pay more than the minimum payment each month.
However, the advice above will only help if you have a good credit history which will allow you to get a new credit card and you can afford more than the minimum monthly repayments.
If, like many others, you have many credit cards or other credit commitments such as loans, it would be best to get independent advice on the best solution for your credit card problems. Phone us today and we can offer advice on how to manage and find a solution for your own debt situation.
