Save on credit card debt with balance transfers

On the average credit card debt of a little more than $4700, the usual minimum monthly repayment of 2 per cent and typical interest rate approaching 18 per cent means it will take $12,500 in interest and 44 years to clear.

Since July 1, card issuers have been legally obliged to disclose on statements how long if you pay just the minimum you'll be shackled with debt.

Save by transferring any outstanding balance to a card that levies no interest for a period.

Source: Sydney Morning Herald

Advertisement