Credit card debt is on the rise. If you want to get rid of your credit card debt faster – then make sure you are getting the best deal.
Changing from one bank to another could save you thousands of dollars, as the major banks offer balance transfer deals that mean you pay a low interest rate on the transferred amount for a fixed term. For example, Westpac offers a 1 per cent balance transfer rate for 12 months. If you have high debt this interest saving can really add up.
Consider low-interest cards. Although the fees are twice as much, the lower interest rate can still mean you save money if you have to pay the debt off over a long period of time.
Of course, transferring to a bank with a low transfer rate offer won’t benefit as much if you don’t actually pay the debt off!
Source: NZ Herald