| Cell Phone Plans --- It's Your Money, Don't Waste it Paying Interest
By Allan
Keiter
Lower your monthly payments and save hundreds of dollars by transferring high-interest balances to a credit card with 0% interest.
While MyRatePlan is most known for its content related to cell phones and plans, the site also covers a wide variety of consumer services. This month, we take a look at an easy way to save money for anyone paying interest on credit card balances they carry each month.
Interest rates have been climbing over the past year; the Federal Reserve raised their benchmark rate some 17 consecutive months. Each increase led to a tick up in the prime lending rate, to which most credit card rates are tied. As a result, a card with a 10% APR two years ago may be at 15% or more today. This means any balances carried by consumers are incurring substantially more interest cost each month.
Fortunately, the credit card business is extremely competitive, and one of the most popular offers to entice new customers is 0% APR on balance transfers for up to one year. This can yield substantial savings – over $100 per $1,000 balance carried.
Transferring balances is an easy way to reduce household costs without changing one’s lifestyle. To determine the potential savings available to you, use our credit card balance transfer calculator.
About MyRatePlan: A different kind of shopping comparison site, MyRatePlan offers unbiased content, filters and calculators to help consumers make more informed decisions about the products and services they research and buy online. Visit our site at http://www.myrateplan.com.
Allan
Keiter is president of MyRatePlan.com.
Founded in 1999, MyRatePlan
offers unbiased content,
filters and calculators
to help consumers make
more informed decisions
about the products and
services they research
and buy online.
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