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Lower credit card debt without consolidating

A balance transfer is when you “pay off” one card by transferring the outstanding balance to a different credit card.

Of all the types of debt you can hold, credit card debt is one of the nastiest.You may not feel there’s room in your budget to make larger credit card payments, but if you’re serious about being debt-free, you’ve got to make some changes.To free up cash to pay down your credit card debt, you must try to cut your costs, increase your income, or both.This post includes references to offers from our partners such as American Express.We may receive compensation when you click on links to those products.To get your debts paid down faster, look for ways to decrease the interest rates on your cards.

To get your business, many credit card companies offer balance transfers on new credit cards.

If you live in a bike-able area with a good public transportation system, or if your significant other has a reliable vehicle, ditching your car can save a ton on gas, maintenance, repairs, insurance premiums, registration, and loan payments.

Remember, it’s only temporary until you’re debt-free.

If you’re struggling to pay off your balances, understanding your monthly budget, prioritizing your credit card payments, and using tools to lower your interest rate can help you form a realistic plan to become debt-free.

Here are five steps you must take to achieve this goal.

Taking advantage of a 0% balance transfer can save you a great amount of money in interest fees if you were paying a high interest rate on your old card and maintained a significant balance.