by Jerrold Mundis
A proven program for getting out of debt — no matter how much you owe.
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Why Minimum Payments Are a Trap
Credit card companies set minimum payments at just 1–3% of your balance — enough to cover interest with barely a dent in principal. On a $5,000 balance at 23% APR, paying only the minimum means you'll be in debt for over 30 years and pay more in interest than the original balance. Even adding $50/month above the minimum can cut years off your payoff date.
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How Balance Transfers Actually Work
A balance transfer moves your existing credit card debt to a new card — usually one offering a 0% introductory APR for 12–21 months. The catch: most cards charge a transfer fee of 3–5% of the balance upfront. If you can pay off the debt within the promo period, you'll save significantly on interest. If you can't, the remaining balance gets hit with the card's regular APR, which is often 20%+. Check your rate options with Credible — See Rates → before applying.