Save Hundreds of Dollars with Credit Cards - Here's How
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If you're like me you probably have a number of credit cards in your wallet - two or three at least. (Most Americans have more than that - read on.) When is the last time that you really took a look at the credit cards that you have? Are they working for you, or are you paying more interest than you have to? Are they tools that simplify your spending habits, or are they sapping hundreds of dollars from your budget needlessly? Check out these credit factoids - you may be surprised:
1) The average consumer today has thirteen credit obligations on file with the credit bureaus, and nine of them are credit cards of some kind: Visa, a department store card, a gas card. The other four are likely to be installment loans.
2) The oldest credit obligation of the average consumer is fourteen years! Fourteen years of payment on an obligation indicates that the average individual has been managing credit for a long time - and hopefully well. Actually, very few people have short credit histories - only 5% of consumers.
3) Average credit card debt among indebted young adults increased by 55 percent between 1992 and 2001, to $4,088. This is an indication that the growth of debt among young Americans is currently experiencing explosive growth. The average credit card indebted young adult now spends nearly 24 percent of their income on debt payment. That's 4% more than the young adults did in 1992.
4) Roughly seventy-five percent of US families polled in 2004 owned credit cards. Of that group 58% of them carried balances on those cards. The average American with a credit history on file has $16,635 in outstanding debt (excluding mortgages).
5) Of families with credit cards 1 in 6 of them only pays the minimum due every month. Twenty-eight percent of all families who were surveyed said that their ability to completely pay off their credit card balances has gotten more difficult.
The sources of figures include Experion, The Federal Reserve Bulletin and US News and World Report. These are reputable sources an hence the figures merit attention. Taken together, they indicate that typical Americans are carrying a lot of debt! Chances are they're not optimizing that debt reduce the cost of borrowing. This can be a very simple thing to do in many cases, it can be done from the comfort of your home with a computer, and if your situation is reflected to any degree in the statistics above, it could save you hundreds or even thousands of dollars!
Significant savings in interest payments can be found in 0% Balance Transfer Credit Cards. By applying for a new credit card that offers 0% balance transfers, you can aggregate balances from other credit cards that are charging interest into an interest-free loan. This is a fantastic deal that can save you a lot of money over time! Depending on the outstanding balance of your current credit cards and the interest rates of those cards the savings in interest paid make it worth your while to move your money to a 0% balance transfer card. Let me give you an example: for every $1,000 in credit that you have outstanding on a credit card that charges 14% interest you will pay $140 dollars in the next year in interest alone. Many credit cards carry higher interest rates, and many people have balances that exceed one thousand dollars, so by moving that same debt into an interest-free position a great deal of money can be saved.
Credit cards are easy to apply for on-line and you can complete the whole process from the comfort of your home - application, acceptance, balance transfer and if you wish, closure of your old account. Then your debt is interest free! You should also get into the habit of shopping credit card deals including balance transfers every twelve to fifteen months - they change over time and if you haven't shopped them in a while you can almost always do better than the deal you're carrying in your wallet.
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Shopping for zero percent balance transfer credit cards is a snap on our site. You might also want to brows some of the other credit card offers there, including amazing low interest, cash back and rewards credit cards.
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