Getting out of credit card debt is one of the most difficult challenges in all of personal finance. Cardholders in debt continue to see their interest charges accruing each month, based on their average daily balance. And as unsecured debt, credit cards have relatively high interest rates compared to home, car, and student loans. Furthermore, credit card debt is never tax deductible. Finally, many cardholders must continue to finance their regular purchases, which contributes to their total amount of debt.
The most important step that cardholders can take to get out of debt is to continue to make their payments on time, every month. Doing so will help keep their credit strong and enable them to take another important step, opening up a card with a 0% APR balance transfer offer. [click to continue…]