Credit analyst gives advice on paying off credit cards
It can be a constant uphill battle
TWIN FALLS, Idaho (KMVT/KSVT) —For those who may have carried over credit card debt from the holidays into the new year, it can be a challenge to pay them off.
It can be a constant uphill battle, especially if you are on a card with a high-interest rate. One way to get ahead is by doing a balance transfer, which is transferring high-interest debt from a credit card to another one. You may even be able to find a card or institution that offers 0% introductory APR periods so you can repay debt interest-free.
“Two steps forward one step back with interest charges constantly being tacked on, said Credit Industry analyst Nathan Grant. “That is one of the biggest things that keeps people in debt is interest.”
If you are struggling to pay off just one credit card, they suggest you make the biggest monthly debt payment you can handle every month until the debt is gone. Although, if you have multiple credit cards then you may need to consider researching other debt elimination methods.
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