to be exact actually the method can not decrease your credit cards, debt! though with this method actually you can save hundred or even thousand dollar from credit card debt! the method basically are quite easy! because what you need is to find better APR or even 0% interest rate! most company will give you intro APR from 12 month to 21 month 0% APR! and if you transfer your credit card debt, for sure it can reduce previous interest rate, and other hand you also have more time to pay off you debt! without addo lets get to the point! 😀
First is, Find credit cards that have better APR, lower, or even 0% APR i.e Intro APR promotion! if you can ask high limit with new cards! because what you need is pay off your total debt, from that new credit cards! the idea is to focus in just 1 cards, and other benefits is, you can get 0% interest rate and also more time!
If you already find perfect credit cards, with 0% APR, low Regular APR, and also intro APR for 21 month! pay off all your credit cards debt from that cards! at first you have to pay fee transfer balance about 3 to 5%! but still you can save money because pervious APR are about 20% APR! so if you transfer your debt to new cards, that have 0% interest rate it mean you can pay your debt a little bit lower!
My suggestion to find better credit cards fee or APR, is you must do business with credit union! because most of them can give you lower APR such 5-10%! meanwhile most commercial banks their best APR are only about 14% if you lucky you can get 5% APR with credit union! good news is, some credit union will have no fee with transfer balance! it mean you don’t have to pay transfer balance fee when you pay off your old credit cards!
If you already being member with credit union, try another solution, and not pay credit card debt with new credit cards, instead choose personal loans! because interest rate for personal loans are about 5%! for 36 month billing cycles! it mean you not only have 12 month or 21 month as your limit to pay off your debt! instead you have much longer time! these kind of practice basically some people do it, and most personal loans company such as credit union, don’t mind if personal loan to pay off your credit cards debt, because it’s normal business practice!