If you have an existing loan and you came across a promo of a credit card offering a lower interest, it might be a good idea to apply for the card and take advantage of a balance transfer promotion. Then, you can lower the amount of your existing debt balance by paying it off quickly and avoid the high interest rate on your previous card.
With this method, you will pay for a lower total loan in roughly the same amount of time. This is one of the most effective ways on how to reduce credit card debt. Just make sure that you can pay off the balance you have transferred before the promotional period ends. Otherwise, the interest on the new card will increase and may even be higher than on the original card.
One of the best ways to pay off your debts faster is to increase your income. Of course, this is often easier said than done. However, if you are able to work longer hours or have the time and energy to take on a part-time job on the side, having that extra inflow of cash can help you pay off your debts sooner.
When it comes to boosting your income, you do not necessarily have to tire yourself out, as there are many freelancing options available online that can help you make money on your own time. You can still have full control of your time while increasing your cash inflow to pay off your debt.
By Admin –