Did you know one of the best ways to pay off debt is with a credit card? That might seem counter-intuitive, given the fact most credit cards have high interest rates. However, several credit cards offer 0% APRs on balance transfers, and that can be a tremendous help. We've evaluated several offers to bring you our top three 0% cards to pay off debts with -- we like the Chase Slate, the Citi Simplicity and the Discover it cards. Read on and we'll show you how to pay off $10,000 of debt with a 0% card.
First, let's review our top three cards. The Chase Slate credit card has no annual fees and no APRs on balance transfers for the first 15
So how can these cards help you pay down $10,000 of debt? Each one of them accepts balance transfers of at least that size. Your best bet is to start with the Chase Slate, which charges no balance transfer fees, and then pay down the debt as much as possible during the 15-month balance transfer period. Then, with a smaller debt balance remaining, open one of the other cards and shift your balance again -- your balance transfer fees will be smaller because you've already paid down some debt. Keep doing this until your debt is paid off. The best part is your debt won't grow while your APR is 0%!
Credit cards are known to get people in trouble with their finances. They make it easy to spend money. And if you're using zero-APR credit cards to pay down debts, then you won't want to use these cards for purchases,, even though each offers temporary 0% APRs on purchases as well. When used responsibly, though, credit cards can be powerful tools. Just remember you're using these cards to pay off debt and not rack up more expenses.