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Friday, July 31, 2009

Lower Credit Card Interest Rate to Reduce Debt


According to bankrate.com, the average credit card interest rate for a "Balance Transfer Card" is 13.74%. The average interest rate for a "Low Interest Card" is 9.23%. Why in the world would someone carry a card with these interest rates?

Because of bank card voodoo that my own bank pulled on me, I was forced to scour the Internet looking for a better deal. Here's what I found: Simmons First Bank out of Arkansas.

For a balance transfer Visa Platinum card, they offer a fixed rate of 7.25%! This card also comes with NO ANNUAL FEE!
Remember, to pay off credit card and other debt, attack the highest interest rates first with extra payments and pay the minimum on the others. This technique will systematically pay off your debts and free up monthly cash flow sooner.
JM Kelly, The IT Entrepreneur

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