3 Se­ri­ously Real Ways to Stop Pay­ing So Much In­ter­est

Parents (USA) - - Mom -

1. Zero in on high rates. “Some peo­ple pay off the cards with the small­est bal­ance be­cause it feels good,” says Jamila Souf­frant, host of the Jour­ney to Launch per­sonal-fi­nance pod­cast. “But you’ll save more if you fo­cus on cards with the high­est in­ter­est rates.”

2. Score a bet­ter deal. Have a his­tory of mak­ing pay­ments on time? Call your credit-card com­pany and ask the rep to drop your rate. It works! A Cred­it­cards.com poll found that seven out of ten card­hold­ers who ask for a lower rate get one. No luck at first? Ask for a su­per­vi­sor who has more lee­way to make the change, says Laura Beat­tie, a blog­ger at Savvy­fam­i­ly­fi­nance.com.

3. Move your debt. See if you qual­ify for a “bal­ance trans­fer” card, which is in­ter­est-free if paid off in a cer­tain time frame. Get de­tails in the box below.

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