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2. Make more frequent payments. You can reduce the interest you pay on credit card debt by making multiple payments on your balance each month. Taking this step reduces your average daily balance ...
Debt to pay off. Monthly payments. Time to pay off. Interest/fees paid. Card with 15-month intro APR offer. $5,150 (principal balance + BT fee) $300. 17. $150 BT fee, $12.10 in interest
The average rate on credit card accounts assessing interest is 23.37%, according to the Federal Reserve Bank of St. Louis (FRED). With rates that high, you might be avoiding credit cards.
For example, if you transfer $6,000 in credit card debt to a card offering 0% intro APR for 18 months, you could pay off the full amount by making $333 monthly payments with no added interest charges.
A 0% intro APR credit card lets you avoid paying interest on purchases or balance transfers for up to 21 months. ... Traditional credit card at 20% APR. Monthly payment. $200. $228. Total interest ...
Many credit cards charge interest rates of 20% or higher. Check out the best strategies to follow and never pay interest on your credit card.