by Gilly Brewster
(Los Angeles, California, USA)
If you take a look at the US and Canadian population, you’d see that a large percentage of people are living with tons of credit card debt. When you have credit card debt, saving money is a whole new struggle on its own.
If you make the right decisions with your money, you would be able to save money with credit card debt.
Saving money and paying off your credit card debt is something you’d better understand when you learn all the factors that go into how a credit card works.
If you have credit card debt, one thing you should be doing is paying more than the minimum payment. Even if you could only afford to pay ten dollars more; you should still do it, as every dollar helps in the end. Now, let’s consider some ways by which you can save money on your credit cards.
Credit card companies are always looking to get your business, because they know they would be able to make money from your debt. Interest payments that you pay towards your credit card go to the credit card company as net profit. In order to save money, you should start looking for a low interest balance transfer credit card.
What does this mean? You are essentially looking for a credit card that offers you a low interest rate on balance transfers. This way, you could transfer your current balance to the new card and take advantage of much lower interest charges. There are 0% balance transfers offered by some companies, so this would be extremely beneficial for you.
If you have yet to apply for a credit card, you might want to look into a credit card that offers a cash back reward. This means that for every dollar you spend on your credit card; you would receive a percentage of that back from the credit card company. This is a great way that would help you save money by using your credit card. Don’t buy things that you can’t afford, even if you can put it on your credit card. If you keep on adding more money to your credit card debt, you would actually be spending more than you are actually saving.
If you intend on getting rid of debt and saving money on a long term basis; you should work towards cutting down on your credit card debt. You can do this by paying off your credit card debt in large amounts. If you can pay a little more than your minimum payment, you would be able to get rid of debt and potentially start to save money for the long run.
Saving money may seem like a distant idea at first, but if you keepworking towards saving money little by little; you will begin to see positive results!