Ridding Yourself of Paying Credit Card Interest

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Ridding Yourself of Paying Credit Card Interest

Ridding Yourself of Paying Credit Card Interest


Updated: December 26, 2012

The content is accurate at the time of publication and is subject to change.

If you are currently off the deep end in credit card debt, do not panic just yet. There are still a lot of things that you can do to alleviate your situation, and this can even include applying for credit cards for bad credit. You may think this is a bit surprising, that there are credit cards being offered to people who have bad credit scores, but there really are such cards. However, do not go for this option just yet because there are actually other things that you can try. Treat this as your last resort, so to speak.

Why should you not do this just yet? This is because by getting bad credit credit cards, you will still be using these cards, thereby still incurring interest rates that you yourself will have to pay. Thus, you should try out other methods prior to making this decision.

There are actually ways for you to get rid of that disturbing obligation of paying credit card interest and the secret is revealed right here, right now.

The common issue here is that the person in debt would have more than one credit card. And if you make even just one late payment off one of your credit cards, your credit card company is actually in the position to raise your APR or annual percentage rate right up to the highest possible rate. When just one of your credit card companies is determined to be doing this, the other credit card companies you are associated with will soon be in following. Thus, you end up being in that hole you unintentionally dug for yourself.

So, what is this APR? This is actually the annual percentage that you need to pay on your existing balance. Prorated to a monthly rate that is based on the amount you currently owe, this rate can fluctuate as wildly as it can ?depending on your credit rating at present. You have to understand that credit card companies primarily reward customers bearing good credit scores with the lowest possible interest rates.

So, the ideal case would be for you to pay off your balance in full every single month, right? But then again, there are times when late payments or even nonpayment would be inevitable and you end up with a huge outstanding balance. Because of this, you might resort to using your other credit cards, thereby incurring balances on more than just one card. When this happens, then you should pay the highest possible payment that you can, and you should place this on the credit account bearing the highest interest rate. Do not pay off the card with the highest amount owed because interest rate has more importance here. After all, you would be paying off thousands of dollars just off interest if you do not do this.

It is also wise to seek the advice of a financial consultant. Do not give into the tempting notion of getting credit cards for bad credit just yet. Yes, these credit cards for people with bad credit can indeed be helpful, and this is an option that you should consider as well. However, as long as there is still something that you can do, then do just that.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Posted: February 12, 2018

The sun shines more and more each day, flowers are in bloom and you already feel how hot it is getting - summer is here. Summer holidays are almost here, and you are in need of dire preparation. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!