Believe it or not, there are ways to pay credit card balance while paying no interest or least interest. The methods are extremely effective, completely legal. The methods leverage created by enhancing your credit score to your advantage. By enhancing your credit score to above 720, you will be able to get credit cards offering you promotions such as, “0% intro APR balance transfer”.
These are cards which offer new customers a long period of time (often as much as 18 months) during which the card charges no interest on all balances transferred to it.
Just think of this: on a $10,000 balance, $150 of a $200 monthly payment would get vacuumed up by interest charges. That leaves only $50 of your $200 that actually reduces your balance, the rest vanishing into bank pockets. Moving your balances to the card you choose will stop the bleeding, allowing you to move on to step two.
Once you've transferred your balances and put a stop to the interest charges, it's time to capitalize on the interest-free period to really break free of the debt. The best part of this is how simple it is: just keep making the payments you used to make when you had to pay big interest payments, except now 100% of your payment will go to reduce your balance.
You need not be “victim” of credit card companies. The longer you are indebted to credit companies, the more money they make. In addition, you are not only in debt, but your credit standing is damaged gradually by lowering your credit scores. So, the first step is to enhance credit score. It is possible that your credit score can be enhanced with no upfront costs.
The first step needs to be taken is to ENHANCE your credit score. Most creditors are looking for credit scores above 720. Your options of getting credit increases- higher loan amounts and many promotional offers offering credit limit with no interest charged for year or more.