Break the credit card habit

Article Written by : Financial Resources 101

If you have even a single credit card, you know how you are addicted to use it, get into debt and stay indebted to credit card companies. This is why Americans owe more than $850 billion to credit card companies.

Let’s face it. Credit cards can be a useful lifeline. If you can pay off the balance every month, you are using your credit facility wisely. But for many Americans it is not possible to pay off the entire credit card balance each month. There are many strategies for those who are burdened with credit card debt can apply to get out of the vicious cycle.

One proven strategy is to get out of credit card debt cycle is to refinance your high interest credit card debt. How to do that? One way is to refinance to a lower interest rate credit card. This can help you to get out of debt faster. Another way to refinance is to use balance transfer offers made by credit card companies. They may charge an upfront fee but you may be able to get a zero percent interest rate for a fixed period of time. Make sure to pay off the balance within the time period in order to avoid paying interest.