00:00coinage life well spent presented by Geico are you one of 45 percent of Americans who carry a
00:08credit card balance every month don't beat yourself up you're not alone the average credit
00:14card debt is just over sixteen thousand dollars with that balance if you do nothing but fork over
00:19the minimum payment each month you'll owe an extra eleven thousand dollars on top of that debt here
00:25are five strategies to eliminate it target one card at a time depending on what your goal is
00:30figure out which card to target from there next ask your creditors for a lower interest rate if
00:38you have good credit and you're a long-term customer you can get a reduced interest rate that can amount
00:43to hundreds of dollars saved per year if you're careful about it transfer your balance to a card
00:47with a lower interest rate there are a few caveats though make sure you can pay off the debt within
00:51the low interest rate period make sure you can pay on time and take into account the balance transfer
00:56fee try a peer-to-peer lender if you can't pay off your credit card in full peer-to-peer lenders can
01:02offer you a loan with fixed interest rates that are 20 to 30 percent lower than most credit cards if
01:07you're too strapped to follow these other tips pay the minimum balance twice a month the sooner you
01:12make a payment the faster your average daily balance is reduced which leads to fewer dollars in interest
01:17you'll pay this strategy can mean that if you owe two thousand dollars on a credit card you pay off
01:22the card in three years rather than in 21 years that's a lot of extra money in the bank coinage
01:30life well spent presented by geico
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