Christmas, New Years, the BCS National Championship, Mardi Gras, Valentine's Day...
We've certainly had a string of back-to-back holidays and special events in the last few months. Corey Blake from New Horizons Credit Union joined us to talk about how to get out of that post-holiday credit card debt.
Below is a list of questions and answers discussed on Studio10.
So how does a consumer get out of the post-holiday credit card debt?
They may want to consider a balance transfer to another lower interest rate credit card. One that offers a 0% for X number of months. If one is available to you, perhaps a card with a low APR for 12 months or even one with a low fixed rate.
What are some steps to take to make sure you are on the winning side of a balance transfer?
Beware of the balance transfer fees. One example is 3% on a $15,000 balance will cost $450. Read the fine print carefully, know what you are signing up for and do the math. Make sure the fees aren't going to wipe out possible savings.
Beware of the old Bait and Switch. You receive a letter in the mail that says you've been preapproved for one amount, but when you submit the application you find that you qualify for a lesser amount. If you were intending to transfer balances to this card, you may still find yourself stuck paying those higher interest rates and you've increased you credit limit which may have an impact on your credit score.
Beware of any different rates that may be on the new card for cash advances and new purchases.
Destroy the old card. If you keep it in your wallet, convenience can dig you deeper in debt.
Finally, you have to learn to control your charging impulses.
New Horizons Credit Union
Sponsored by New Horizons Credit Union
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