As we discussed in our blog Good Debt Vs. Bad Debt, not all debt is equal. However, if you’re like the millions of Americans who have credit card debt, then you have bad debt because you’re losing money. But, did you know that you could save money by consolidating your credit card debt?
Let’s take a look at how you can get there and what you need to know NOW:
1 – Increase Your Credit Score and Qualify for 0% Balance Transfer Credit Cards
If you have a fair (660) credit score, did you know that if you increase your score by just 20 or more points, that increase can put you into the 680-720 credit score range? That means you can qualify for 0% balance transfer credit cards. Also, just improving your credit score a little can qualify you for a lower interest rate, saving you thousands of dollars each year.
2 – Find a Solution to Raise Your Credit Score
If you want to get out from under the financial burden of your credit card debt, you need to find a way to qualify for a lower interest rate credit card or even a 0% balance transfer card. Ways to get there include having your on time rent payments reported to TransUnion and paying all your bills on time, each month.
RentReporters believes that if you have a history of paying your rent on time, your credit score should reflect that. An increase in your current good or fair credit score just might get you into the good/excellent range of 680-720, and on your way to paying off that credit card debt.