How to Use Zero Percent Interest Credit Cards to Get Out of Debt
Debt is a problem which takes time and discipline to remedy.
A highly effective method, but not frequently discussed, involves using a zero interest credit card.
A zero percent interest credit card is extremely effective for debt reduction because you no longer lose the value of your dollar towards interest fees.
This method works, however, above average financial discipline is needed to avoid frivolous expenses and those individuals who often carry a credit card balance from month to month.
Follow the 6 setps below to get yourself out of debt!
- Begin by acquiring a zero interest credit card at ZeroPercentCards.com! Credit card banks, such as Chase, Discover, and Barclaycard offer excellent credit card products with 0% interest introductory rates.
- Create a working budget for yourself (and family if applicable). Do not spend more money than you make as this will cause you to accumulate more debt.
- Transfer existing debt from other credit cards onto this new, zero interest credit card. Credit card companies have a set process to make this happen; simply contact them to begin the transfer. DO NOT make any purchases with your 0% interest credit card; only use it to pay down your debt!
- Begin making payments upon your remaining balance, and make these payments as large as possible to lower the balance as quickly as possible. Do not overpay on this amount to the point where cash flow is restrictive. You need to have your own money on hand for everyday, necessary purchases and emergencies. Purchasing these items with your credit card will only add to your debt.
- Avoid unnecessary purchases, such as luxury items or excessive shopping sprees, that will increase your current debt. Remember, the goal is to reduce your debt, not add to it.
- Keep tabs on the length of your zero percent interest credit allowance. For example, some cards will extend this offer for only 12 months, and at the end of 12 months regular interest rates will apply. If you can’t bring your balance to zero after 12 months, simply sign up for another 0% percent interest credit card offered by a competitor.
Get your zero percent interest credit card at ZeroPercentCards.com today!