Chase Bank offers its customers a number of options to get out of debt, but the most popular one is the Chase Balance Transfer. If you are like most people with high credit card balances and low interest rates, you may find that you have some extra cash lying around. You may be tempted to use that extra cash for something you can afford, such as an vacations or to buy that new car you have been wanting. The problem with using your credit cards to pay for these purchases is that while you will be able to pay less in interest each month, you could end up paying much more in the end.
Using your credit cards to pay for things you don't have is easy to do. All you need to do is open a checking account and begin depositing money into it. If you're using your card to make a deposit, you'll want to know the minimum balance required before you go ahead and do so. You may find that there is a limit of zero dollars in your account, which means that you can only spend the amount of money on whatever it is you choose. By using this type of card, you are essentially paying yourself deeper in debt, instead of simply paying the interest that is being charged on your balance.
Another way to avoid dealing with credit card debt is to transfer the balance of your high interest credit card balances onto a low interest credit card. These types of cards offer a lower interest rate than the average credit card. However, these cards will also carry higher than average interest charges. If you're trying to pay down debt, using a credit card balance transfer should be a last resort, not a first. This will keep you from incurring any more debt.
If you prefer to avoid using your credit cards at all costs, you may want to look into the Chase Freedom Debt Consolidation. This is where you can take all of your high interest balances and put them under one account. This way, you will be able to save money each month, while transferring the balance of your accounts so that it is lower. The Freedom Debt Consolidation will allow you to pay off your debt faster.
Once you have zero APR on all of your accounts, you can then look into other credit card offers that offer 0 APR. There are many different offers out there. You may want to see if there is an offer that has free air miles. Or, maybe even better, a reward card where you get cash back when you use your credit card to make purchases.
After you have zero APR from your new credit card, you can then work on lowering your balance. The most important thing to do is to stop charging to much on your credit cards. Every time you charge a payment, you are making an interest payment as well. Eventually, that interest will add up to quite a large sum. Instead, choose to pay your monthly bill on time and only charge what you need. This will help you avoid paying any interest for a while and will also help your credit score.
If you still have other debts that you want to consolidate, the next step is to contact your card companies. Some of these companies will transfer your balance to a new credit card for you at no cost. Or, you can try a high interest credit card transfer. There are also many companies who will waive balance transfers and interest charges if you transfer to their company. Be sure to check all of these options before making a decision as they vary in price.
After you have done the Chase Balance Transfer, you need to make sure that you keep up with your payments. If you miss a payment, this will show up on your credit report and may hurt your credit score. It is best if you only miss one payment each month. This will help you build up your credit rating again. Also, it is important that you pay off the balance of your credit card as soon as possible.