Vancouver is not the only place where credit card debt is rising. It is happening all over. The economy is at a horrendously ungraceful level and getting worse by the day. People are restless, making their payments for things like utilities and mortgages and car payments with their credit cards because that is the only way that they can afford to each month. They do this knowing that their credit cards will charge them interest so they will end up spending even more on their bills than what they truly cost. Bad-credit-loans.ca has a full guide on getting out of credit card debt.
Is there a solution to this? How will we ever get free of the debt monster?
When a person is putting everything on a credit card then he is actually adding to the problem instead of fixing it. That being said, there are ways that he can lower the amount of interest that is accruing on all of his outstanding balances. Because Vancouver’s debt level is rising, secure a low interest credit card now and doing your due diligence on Credit Walk. By doing this and transferring outstanding balances to the new lower interest card there will be an enormous savings right out of the gate. Also, some credit cards will not charge any interest at all for balances that occur from transferring. Credit cards like this should have been sought out yesterday!
Finding the Right Card
There are all sorts of credit cards out there. How do you find the one that is right for you? There are web sites where you can go and compare credit card features. Look for cards that have low interest rates coupled with low balance transfer fees. Check each card for minimum monthly payment amounts and for benefits like cash back for certain types of purchases or even points for purchases.
A Few Examples
The Platinum Plus MasterCard credit card has no interest on balance transfer or deposits for a period of one year. After that year the interest rate goes to 1%. There is also no annual fee for this card.
With the Capital one MasterCard there is a fixed rate of APR at 9.9%. That being said, there is only a 1% rate of interest charged for balance transfers.
The BankAmericard Visa offers 0% annual percentage rate for the first 15 months but that is only on purchase and transfers made in the first two months of having the card. After that it will jump to between 10.99 and 20.99%. This is the kind of card you should watch out for. It sounds like a good deal at first and when you read the fine print you will see that you will end up paying just as much if not more than what you are already paying.
Some cards also have an annual fee. This could be a good thing or a bad thing depending on the interest rates they charge. If the interest is low enough to offset the annual fee and then some then it might be a good idea but if it doesn’t then you should walk away from a card like this.
There really are so many options out there for securing a low interest credit card and the options are so variable that you will really just have to do the legwork and find out which low interest credit card will fit your needs the best. Everyone’s financial situation is different so nobody can tell you without knowing all of your business which credit card is right for you. If they try to then they are out of line. Choose the one that has the yearly interest rates as well as the rates for balance transfers that will help you be able to pay it off.