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Tag Archives: balance transfers

Getting Out of Credit Card Debt: What You Should Know About Balance Transfers

save money on credit card interest

Are your high interest rates causing you to dig yourself deeper into debt? We’ve all been there at least once or twice in our lives. We receive what appears to be a great offer for a credit card, open the account, mismanage our spending, and eventually, end up in debt. What was once a $2,000 expense has over time turned into a $3,000 expense as the interest rates continue to add up. So what do you do? Allowing the problem to persist essentially means a ruined credit score, which in turn prevents you from borrowing in the future. A more effective solution would be to consider transferring the balance on your card to a new card with lower (or zero), interest rates. However, before you start applying, here’s a bit of information that would be beneficial to know in advance. 1. You’re Obtaining a New Card to Pay off the Old One The concept behind balance transfers is removing the debt from the old and adding it to the new. For example, let’s say you have a high interest credit card asking you to pay 13% and you have a balance of $2,000; you’ll have to pay approximately $347 per ...

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Common Credit Card Mistakes To Avoid

Hey everyone, I’m Joshua Rodriguez and, tank you for coming to read my debut post here at Eyes On The Dollar. I’ve had quite a bit of experience helping consumers with credit card debt so, I figured, I would share some of the fruits of that experience today. Although, I’ve come to learn that everyone is very unique on a financial level. But, I’ve also noticed quite a pattern through many of them. The pattern was, financial hardships were being caused by simple and avoidable mistakes made when using credit cards. So, today, I’m going to tell you a bit about the most common credit card mistakes that you should be sure to avoid. Mistake #1: Using Credit Cards For Cash Advances  One of the biggest mistakes that I’ve seen a trend forming around is the use of credit cards for cash advances. Unfortunately, most of the people that did this didn’t realize that cash advance balances were charged a much higher interest rate. Another thing most of them didn’t know is that, as they payed minimum payments, those payments were being allocated to the balances at the lowest interest rate. So, the balances at the highest interest rate would ...

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