Financial Education
Get a Head Start on Your Debt in 2017
The final week of our WCCU Mom’s Holiday Contest we asked you to comment on your New Year’s resolution and we received a lot of great feedback! Many of your comments focused on saving more and paying off debt. Some were saving for a house, a car, even retirement; and others were looking to pay off bills.
Well, here's a tip that is sure to help with credit card debt. Right now – after the holidays and the beginning of a new year – is the perfect time to do a credit card balance transfer which can save your family a lot of money...here's how:
The average interest rate on U.S. credit cards right now is 15%; and the average household has over $15,000 in balances. Let’s say you’re household has $10,000 in credit card debt and you’re at the average 15% rate. That means you will pay $1,500 in interest in 2017. That’s $125 per month...a lot of money by anyone’s’ standard.
Even if you have smaller balances, the quickest way to ease the pain is to transfer your balances from higher-rate cards to a lower rate card during a Balance Transfer promotion. Beginning January 11th, Winnebago Community VISA cards will offer balance transfers at 2.99% APR for six months and then rates-as-low as 9.9% APR thereafter. In this scenario, if you balance transfer that $10,000 to a WCCU card, you will pay $150 in interest the first 6 months and then $500 the second six months – for a total of $750. That’s a 50% savings!
Use those savings to pay down your credit card balance and you are making progress on improving your debt without having to come up with extra funds! Using a balance transfer promotion is just one way to help ease the pain for your family. Don’t have a WCCU credit card? Call today for a low-rate Winnebago Community Credit Card and a 2.99% APR Balance Transfer!
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