1. Apply for a Balance Transfer Card
You may find that it will benefit you to get a balance transfer card, “one where you might pay a fee upfront but in return you will have a very low or zero interest rate for a period of 12 to 18 months,” Clark says.
2. Get a Credit Union Card
Credit union cards typically carry an interest rate that is several times lower than bank-issued credit cards, Clark says.
3. Negotiate a Lower Interest Rate
You also have the option of negotiating a potentially lower interest rate with your current issuer. Clark says: “Tell them you’re going to transfer the balance of this other card that offered you a better rate. Ask them if they can lower your rate or otherwise you’re leaving. And they may in turn lower your interest rate.”
4. Try a Personal Loan Lender
Ather alternative is to look at converting your credit card debt into what used to be known as a “peer-to-peer loan.” There are several online platforms that facilitate making personal loans. Some top lenders that offer debt consolidation are:
“With somebody like Prosper, Lending Club or even SoFi, you move that balance over into a fixed rate that must be paid off over a set term of 24 or 60 months,” Clark says.
Want to reduce your debt with a credit card balance transfer? Here's a step-by-step guide.
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