Far too many Canadians look at their monthly credit card statement without knowing that there are many ways to decrease that balance staring back at them. Lucky for you, we have three ways to help you reduce that high APR.
So, you found yourself caught in the web of credit card debt? You’re not alone! Many face those dreaded monthly statements that seem to taunt us with their high APR. But fear not, like a spotter in the gym, we’ve got your back. In this digital age, there are savvy strategies that can help you bid farewell to those ominous numbers staring back at you. Let’s dive into three ways to conquer your credit card debt.
Negotiate a Lower Interest Rate
Picture this: You’re scrolling through your Instagram feed, but the thought of your high-interest credit card debt keeps nagging at you. Well, here’s a trick that can actually save you some cash and reduce that APR.
First things first, grab your smartphone and give your credit card company a call. Yes, just dial their number and talk to a real human being (we know that phone anxiety is a real thing) Armed with all the necessary info, like your current APR, grace period, statement due date, and outstanding balance, you’ll be well-prepared for the conversation.
A good old-fashioned phone call could make all the difference. Who knows, your credit card company might just grant your wish and lower that pesky APR, giving you more money for those weekend brunches.
Embrace the Balance Transfer Card
Are you stuck with a balance on your Amex or Visa? Well, it’s time to consider a financial switch-up that can be a game-changer. Enter the Balance Transfer Card – your secret weapon against high APR.
Imagine this: You apply for an MBNA True Line Mastercard and get approved. The magic happens when you’re allowed to transfer your outstanding balances, like the one on your current card, to your shiny new Mastercard. The best part? You might even score a sweet 0% APR on your new card for a limited time.
No more of those interest charges eating away at your paycheck, this is your opportunity to take control and start chipping away at your credit card debt.
Take out a personal loan
Personal loans have become the go-to solution for millennials looking to escape the clutches of high credit card APR. Let’s break it down for you: Credit cards can slap you with APRs in the high 20s, while personal loans usually come with a much friendlier 5-10% interest rate.
Your credit score, the amount you want to borrow, and the loan terms will influence the interest rate. It’s all about being financially smart and exploring your options.
Live debt free
You don’t have to be stuck with those intimidating credit card APRs forever. With a little tech-savvy, a phone call, and some smart financial moves, you can bid farewell to high APRs and welcome a brighter financial future.
So, next time you glance at your credit card statement, remember these strategies to reduce your APR. Whether you negotiate for a lower rate, embrace a balance transfer card, or opt for a personal loan, you’re one step closer to financial freedom. It’s time to conquer your credit card debt and get back to what we do best – living life to the fullest.