This story printed from
located at InsiderReports.com
Monday, February 05, 2001
How To Earn 18% Guaranteed
Want to earn 18% on your money? Then you must reduce your debt. It takes a 25% return before taxes to equal the "savings" from repaying an 18% credit card. Here are five ways to repay debt quickly:
- Transfer your balance to a low-rate credit card. Future payments include more principal and less interest.
- Tap your savings. Why leave a balance on an 18% credit card if you have money in a 3% savings account that can be used to pay off the credit card balance.
- Accelerate repayment. When a debt is repaid, add its monthly payment to another, starting with the highest-interest-rate debt first. This reduces the time required to repay remaining debts — and the total interest charged.
- Consider consolidation. Combine several high-interest credit card balances into one lower-rate loan. Just don't run up your balances again, or you'll have both a loan and credit cards to repay.
- Negotiate a discount. Many credit card issuers will reduce fees or interest rates when asked. Call them. The less interest you're charged, the faster you'll climb out of debt.
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