Save yourself from High Interest Rates

It is stupid to pay a high interest rate. High interest rate gets you when you have a credit card with a huge negative balance. Such high interest rates will cost you a lot of money and you will end up paying ridiculously large sums to clear off your debts.

One way to avoid this penalty is to look into the balance of all your credit cards and choose the one with the most favorable credit score. Once you do this, consult your bank about the possibility of transferring your debt repayments on that credit card. Many banks allow this facility and it is extremely beneficial because the credit card with less negative balance is the one where the interest rate will be the least.

Use your Savings Account

You have a savings account? Now is the time to use it. Cash your account and use the revenue to pay your debts. It may not pay a lot but it will certainly help clear the balance and usher you towards a quicker exit from the stigma of being in debt. Savings account is opened for the rainy days and what can be stormier than being in debt? So clear up your savings account and use the dollars stored there to inch yourself closer the escape. All the best with it.

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