You can save a lot of money by taking advantage of a low interest credit card. Obtaining a low interest credit card can be done easily by doing it via balance transfer. You can take advantage of initial low interest rates from major credit card companies. Usually, the lower rates usually last for three to six months before the nominal rate sets in.
Credit card interest rates can be as high as 27% per annum. However, shopping around can get you into a very low rate (sometimes 0% for the 1st 12 months!) that allows you time to pay off your debt quickly.
The trick is to actually pay it off and not use it to buy more goods. A lot of people fall for this and rack up even more debt than they previously had.
Transferring your balance from your existing card is a sure fire way of having a low interest rate for a period of time to get yourself back on your feet. But make sure you cancel and cut up the card you are transferring the balance from. You don't want to end up with two credit cards!
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