Wipe credit card debt cheaply
Nov 10, 2023
At the moment, many banks offer to transfer your current credit card debt on 0% interest.
Take NAB for example:
Right now, they will pay off your $10k of debt for a 2% fee... Then 0% interest for 28 months.
That means, instead of paying roughly $166 each month of interest, use these funds to pay down your debt.
Your balance after 28 months? Roughly $5,600.
At this point you will probably want to switch to another lender, avoid NABs high rates, and transfer to another interest free term. Do this enough times and you'll be out of credit card debt.
They always have some fees, but if you get the right one, you'll be on the fast track to being credit card debt free.
Check out Canstar or Finder for the best offers in the market.
Disclaimer: This isn't financial advice, merely some thought provoking ideas to get you thinking.