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Credit card debt has continued to soar across the nation, a clear indicator of how reliant Americans have become on their short-term borrowing options in this tough economic environment. The total amount of credit card debt nationwide is now sitting at a new record high of over $1.21 trillion, according to New York Fed data released this week. But high balances aren’t the only issue at play. With the average credit card interest rate hovering near 22%, more cardholders are also struggling to stay on top of their payments as the interest charges pile up.
If you’re allowing your credit card interest charges to compound, it can be extremely tough to get your debt issues under control. After all, you’re allowing a portion of your balance to roll over from one month to the next, which means you’re being charged interest on not just the principal but also the prior interest your account has accrued, which can cause your balance to grow substantially in a short period. And, when interest is eating away at your payments, it’s important to consider how you can stop the cycle.
Luckily, you can reduce or even wipe out credit card interest charges in a variety of ways, and often without a major overhaul of your financial life. What are the strategies you can use to help with that this August? That’s what we’ll detail below.
Find out how to start tackling your credit card debt today.
How to wipe out credit card interest charges this August
If you’re looking for ways you can proactively fight back and reduce or eliminate credit card interest charges, the following strategies may be worth considering:
Transfer your balance to a 0% APR credit card
One of the most effective ways to eliminate credit card interest is by transferring your existing balance to a card with a 0% introductory APR offer. Many credit card companies offer promotional interest-free periods, sometimes lasting as long as 21 months, on balance transfers. That allows you to focus on paying down your principal without the added burden of interest, which can be a game changer, especially if your card balances are high.
Keep in mind, though, that balance transfers typically come with a fee of between 3% and 5% of the transferred balance (on average), so you’ll need to do the math to make sure it’s worth the costs. But if you can pay off your balance within the 0% APR window, this option can save you a significant amount in interest charges.
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