Cut Credit Card Debt – 5 Top Tips

If you have run up a massive debt on your current card, unless you already have an agreed low level of interest to pay, the chances are a hefty sum of the money you pay each month will go towards the interest on your debt, rather than the actual amount you owe. Big spenders on credit cards mean big money for lenders and most are keen to take on new customers with big debts as it means they can make large amounts of money on the interest. To entice customers away from their current lenders they invariably offer attractive deals such as 0% APR on balance transfers for a fixed time period.

A 0% interest rate for 3 – 1TD Cash Credit Card 2021 Review – Forbes Advisor2 months on balance transfers were once fairly common, and although they are less prolific than they once were – there are still some good 0% deals on balance transfers out there buy VCC with crypto. What this does is effectively freezes the amount you owe for a set time period, rather than incurring unnecessary interest each month. By becoming a ‘rate tart’ and switching lenders whenever your low interest rate comes to an end, you could save a fortune in interest rate payments and pay-off your overall debt more quickly.

Some credit card companies actually require you to use their own pre-printed envelopes, but even if they do not, it is a good idea to do so in the interest of more efficient processing of your payment. Make sure you have included the billing coupon and have written clearly the amount that you are paying. Include your check, also written legibly, and remember to write your account number on the check.
When Ronald Reagan was running for President, he was asked what he was going to do to make the post office more efficient, to which he responded that he would start mailing postal workers their paychecks. Allow ample time when you send your check to the credit card company.

Many people find that the greatest number of their bills, such as their mortgage or car payment, are due at the first of the month. If this places a burden on your ability to pay your credit card bill that may also be due at the first of the month, a simple way to avoid this problem is to just ask your card issuer to change the due date for your monthly payment. There is no harm in the asking, and many card issuers offer this ability to change the due date of your bill as an option. One important thing to remember, though, is that it may take a couple of billing cycles before this date change is fully implemented. It is important to make sure that your bill is paid promptly when due until your change of due date becomes effective. Otherwise, you could find yourself on the wrong side of a late fee.

In the classic television detective series Columbo, which starred Peter Falk, Lieutenant Columbo always seemed to be distracted and disorganized, but in reality he was extremely focused and observant. One common scene that brought delight to fans of the show was when Columbo left a room in which he had been speaking to the murderer. He kept turning around and starting question after question with, “Oh, just one more thing…” Then he trapped the criminal. Well, the credit card companies are not Lieutenant Columbo and we consumers are certainly not murderers, but when it comes to trapping us in the fine print of their credit card agreements, it always seems like there is “just one more thing.”

Your monthly payment is due on whatever date of the month it says on your credit card bill. If your payment is late, the fine print of your card agreement provides for the right of the credit card company to assess a late fee, which can be as much as $35 for each late payment. In the past, some credit card companies gave their customers five or even ten days of grace after the due date before assessing a penalty, but that is not the situation any longer. So you send your payment with sufficient time to arrive at the card company on your bill’s due date.

But, just one more thing: Some credit card companies deem your payment late if it is processed later than 1:00 p.m. on the day of your due date. Some of these companies don’t receive and process mail until after 1:00 p.m.; therefore, the real date by which your monthly payment must be received is a day earlier than the date indicated on your contract. So you need to make sure your payment gets there three days ahead of the due date. Another Note: If the envelope contains a staple, a paper clip, or a note from you, the fine print of the contract specifies that there may be a delay of up to five days in posting your payment. This might cause a late payment to be assessed on a payment that arrived at the card company prior to the due date of the bill. I’ll bet Lieutenant Columbo read the fine print before sending in his payment

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