The Secret To Never Paying Interest On Your Credit Cards Again

Wednesday, January 25th, 2017
Updated: January 25th, 2017
The content is accurate at the time of publication and is subject to change.

If you’re paying off debt on your credit cards, do you know how much is going toward the actual amount you owe, and how much you’re paying in interest?

Here’s a good way to get some perspective: on your credit card statement, there should be a little box that shows a table. This table tells you how much interest you’ll pay over a certain number of years if you pay only the minimum amount due, or if you pay a little bit more. It will tell you not only how much you’ll pay in interest over that time, but also how long it will take you to pay it back.

Once you’ve looked at that, you might need a minute to sit down and clear your head. The numbers are often shocking. If you take 30 years to pay off your debt, you’ll likely pay thousands of dollars in interest – and maybe even more than the original amount of your debt. If you only pay the minimum, this could be your fate.

The way out

There is a better option, so don’t panic. The way to avoid paying massive amounts of interest on your credit cards is to make sure you have a low-interest credit card. Even better, get a card with a 0% APR introductory offer. This way, you won’t have to pay off your entire balance right away, but you won’t have to pay a cent in interest for the first few months, or even a year.

To qualify for the best low interest credit cards, you’ll need to have good credit. If you don’t have a great credit score, don’t panic: there are still plenty of credit cards out there for you. It just may take a little more searching.

Another option

Of course, there is another way to avoid paying interest on your credit card purchases, and that’s to always pay off your balance in full each month. This is the best method, but of course things come up in life and people aren’t always able to pay off their entire credit card balance each month. It’s always the best idea to try, though – and if you can swing it, you’ll never pay interest again.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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