um… I meant to say Debt!
Maybe I was right the first time. Credit card debt probably does feel like credit card ‘death’ (or death by credit card) to some of you. I’ve been there and done that and I’m not doing that there, again!
So, how do you get out of this ‘death trap’. Pay it off of course. I know, I know. It’s not that simple. Let’s face it. Sometimes, there’s so much debt, the only way to get out from under it is to negotiate the debt or file bankruptcy. No judgement here. Sometimes, ya gotta do what ya gotta do.
However, if you can pay it off, given the right circumstances, there are some opportunities you need to know about and they come in the form of zero percent, no annual fee, no penalty credit cards. It’s true that you have to have decent credit and you may not be able to refinance all of the debt but imagine this scenario. You have $20,000 in credit card debt at 20%. I know that your balance is declining so this is not entirely accurate but essentially you are paying $4,000 in interest annually. If you are paying $400 a month against that debt, you will only be paying down the principal by $800. Give or take, you paid $4800 and still end up with a balance of $19,200 at the end of one year. Blimey, where’s the lucky Irish when I need ’em? However, if you had a zero percent credit card, your balance would be $15,200. Theoretically, if you were able to continue to receive zero percent deals, you would have your debt at zero in just over four years. Can this be done?
Well, yes and maybe. Right now, there are several companies offering zero percent credit card deals for 18 months. That’s the yes. The maybe is that no one knows whether another zero percent deal will be available when the 18 months is done but it’s a very good start!
So, my suggestion is that once you’ve read this, passed it on to all of your friends, posted it on Facebook, tweeted it and anything else that you can think of to promote this great idea, go to www.google.com and enter ‘zero percent credit cards’. There will be quite a bit to read. Do your research. Be diligent. Choose the best option and TAKE ACTION.