Welcome to the latest series - Restructuring Debt
I am excited to embark on this series of posts because interest paid toward debt is one of the largest obstacles to gaining traction for one's own Debt Freedom March.
Of course, one way to eliminate the interest is to sell some stuff and become debt-free. But I recognize that for some people, they have debt that they are going to have to focus on and just pay it off. If this describes you, then I trust that this series helps you gain speed in your Debt Freedom March!
Part One -
Part Two - Lower The Interest Rates!
Part Three - Lower The Interest Rates! - Continued
There are many approaches one can take to lower their interest rates. In Part Two, I covered the "negotiation" avenue. Today, we will discuss moving the debt.
Surf The Debts To Lower Interest/Zero Interest Offers
If you live in America or any other heavily-leveraged society, then the chances are that you will receive numerous offers of debt every week. Most of these offers have a "trickeration" ploy that generates consumer interest. The trickeration is typically a "Zero-percent for some number of weeks/months/years" ploy. The reason I call it a trickeration ploy is the fact that the majority of these debts are not paid off within the set timeframe and the interest rate is back-dated all the way to the date of purchase - usually at a very high rate.
But the zero-percent surfing game CAN work for you. I have seen MANY people gain substantial traction with their Debt Freedom March through this technique alone.
Here is how the surfing game works. You receive a "zero-percent for twelve months" credit card offer. There is usually a $75 balance transfer fee, but there is no interest for the twelve month period. One simply applies for the 0% card and transfers their high interest debt to the credit card. When that introductory period is drawing to a close, surf the balance to another "zero-percent for twelve months" card. Keep surfing the balance until the debt is paid off to $0.
If you successfully do this, you have actually tricked the trickeration ploy into working for you!
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