It is common for consumers to carry credit cards in case of an unexpected expense. However, those cards can become more expensive in the long run when cards are overused and interest piles up. However, there are ways that Iowa consumers can pay off their high-interest credit card debt.
One woman carries two cards that have high interest rates. She’s not sure if she should obtain a home equity line of credit to pay off one card and pay down the other or if she should take out two zero-percent-interest credit cards and transfer the balances. Both are good ideas, and the woman would be able to benefit from either choice as long as she pays off the cards as soon as she can. Some financial professionals have recommended that consumers simply pay off their balances as fast as possible, but they should avoid taking on new debt.