25:["$","$L26",null,{"category":"$27","relatedArticles":[{"id":"cG9zdDo0ODY0","databaseId":4864,"postId":4864,"author":{"node":{"id":"dXNlcjo4","databaseId":8,"userId":8,"avatar":{"url":"https://secure.gravatar.com/avatar/8ac90f95273c7c36fbcb2b648b56509b?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Thierry Godard is former Editor at SmartAsset who writes on a variety of personal finance issues. He is an expert on topics including home buying, saving money and budgeting. Thierry has a degree in Journalism from CUNY Baruch College.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Thierry","fullName":"Thierry Godard","lastName":"Godard","name":"Thierry Godard","postCount":{"pageInfo":{"offsetPagination":{"total":45,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"tgodard","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$28","date":"2013-05-16T18:03:04","excerpt":"

Editorial Note: This content is not provided by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the issuer. Advertiser Disclosure: The card offers that appear on this site are from companies from which […]

\n","featuredImage":{"id":"cG9zdDo2NjQyNg==","databaseId":66426,"altText":"The 5 Best Balance Transfer Credit Cards","date":"2017-06-26T16:34:30","fileSize":25200,"mimeType":"image/jpeg","modified":"2017-06-26T16:34:34","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2013/05/balance-transfer-1.jpg","__typename":"MediaItem"},"modified":{"datetime":"2020-1-21","readable":"January 21, 2020"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/credit-score/the-5-best-credit-cards-for-paying-down-credit-card-debt","metaDesc":"Ready to dig out from under that mountain of credit card debt? Take a look at these five cards with great rewards and wave those balances good-bye.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":5,"title":"The Best Credit Cards for Paying Down Credit Card Debt | SmartAsset","__typename":"PostTypeSEO"},"slug":"the-5-best-credit-cards-for-paying-down-credit-card-debt","status":"publish","title":"The Best Balance Transfer Credit Cards","uri":"/credit-score/the-5-best-credit-cards-for-paying-down-credit-card-debt","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjo4","databaseId":8,"userId":8,"avatar":"$29","description":"Thierry Godard is former Editor at SmartAsset who writes on a variety of personal finance issues. He is an expert on topics including home buying, saving money and budgeting. Thierry has a degree in Journalism from CUNY Baruch College.","additionalMeta":"$2a","email":null,"firstName":"Thierry","fullName":"Thierry Godard","lastName":"Godard","name":"Thierry Godard","postCount":"$2b","slug":"thierry-godard","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybTo5Mg==","children":"$2e","databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":96,"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

Editorial Note: This content is not provided by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the issuer.

","

Advertiser Disclosure: The card offers that appear on this site are from companies from which SmartAsset.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). SmartAsset.com does not include all card companies or all card offers available in the marketplace.

","

Ready to dig yourself out from under that mountain of credit card debt? Who wouldn’t be? It might seem like an impossible task, but it’s really not. You just need a card that doesn’t keep bombarding you with ridiculous fees and interest charges. Everyone makes mistakes now and then, and being one day late on a payment shouldn’t cost you $35 and send your interest rate into the stratosphere.

","

Find out now: Which credit card is right for me?

","

Sadly, that’s just what happens with many credit cards. No wonder people can’t get out of debt. They’re stuck in a never-ending cycle of high interest payments and fees, designed to nickel-and-dime them into oblivion. Take a look at these five cards, pick the one you like best, and wave those balances good-bye.

","

Chase Slate

","

This is a top pick for a lot of people. Chase has a better reputation with credit card customers than most of the other big banks. You’ll be offered a 0% APR for the first 15 months, on both purchases and balance transfers. After that, your rate could be 16.49% – 25.24% variable, depending on your credit score and other factors. Not having to pay any interest for more than a year could even let you pay your balances in full.

","

The best part about the Chase Slate card, though, is that Chase doesn’t even charge a fee for you to transfer your balances from higher rate cards in the first 60 days. That’s almost unheard of, and one of the only cards that routinely offers that perk. Just make sure that you complete your transfer in within that time frame. After the 60 day intro, either a fee of $5 or 5% of the amount of each transfer, whichever is greater will apply.

","

Discover it® Balance Transfer

","

","

Need a card that’s not fee-heavy? You may have found it. You’ll get an introductory APR of 0% on your purchase for six months, and 0% on balance transfers for 18 months. After the introductory APR, an APR of 13.49% – 24.49% Variable will apply. You can choose the due date you want, too, so your bill will come in at the right time for you to make a payment. As long as you pay over the phone or online by midnight on your due date, the payment is on time. Even if you do have a late payment, the first one doesn’t have a fee, and your interest rate won’t go up.

","

With the Discover it® Balance Transfer card, you’re not going to see an annual fee. You also won’t be charged for making a foreign transaction, paying by phone, or going over your limit. You can get a cash back bonus, too, so you’ll be earning money just by using the card. Customer service is 100% US-based, and you can reach them anytime. If you want a cash back card that will help you pay down your debt fast, it’s hard to find a better one.

","

Citi Simplicity Card

","

How does 21 months of interest-free financing sound? You can get that and more with the Citi Simplicity Card. You won’t be hit with fees for a late payment and there’s no penalty interest rate that your card will jump to, either. Transferring your balance is easy. There’s a $5 or 5% fee (whichever is greater), but that’s it. You have to make the transfer within four months from the day you open the account to qualify for the introductory APR.

","

If you’re serious about trying to pay down credit card debt, you’d want to transfer your balance to this card as soon as you got it, anyway. This card isn’t perfect, but it’s a great way for you to have a lower rate while you sheepishly pay off that hefty balance you racked up on your other credit cards. Just be sure to pay it all back during the first 21 months, so you don’t have to worry about a variable APR of 16.24% – 26.24%.

","

Capital One® Quicksilver® Cash Rewards Credit Card

","

","

You won’t have to worry about interest charges on purchases or balance transfers for 15 months with this card. Afterward, a rate of 15.49% – 25.49% Variable will apply. There’s no annual fee and your cash back amount (1.5% of all purchases) is unlimited and won’t ever expire. If you spend $500 on purchases in the first three months, you’ll receive a one-time $150 early spend bonus.

","

There are extra perks available on the Capital One® Quicksilver® Cash Rewards Credit Card, like a personalized image on your card and an opportunity to set up automatic redemption for your cash back amounts. You can redeem your cash back for any amount, too, so you aren’t stuck waiting until what you’ve earned reaches a magic number. Little things like that really add up, but the 0% APR for 15 months is a great benefit.

","

Bottom Line

","

Still not sure which card to get? Compare cards until you’re comfortable with what you’re applying for. Then you’ll be on the right track toward financial freedom and control. Sure, it’ll take some time to get there, but at least you’ll be able to enjoy the journey just a little bit more. The best balance transfer credit cards offer low or no fees and low or no interest. Whether you have poor credit, fair credit or good credit there is a card out there for you. It’s a matter of finding the right balance transfer offers and making your case in your application. If you’re an existing customer of a bank, start there. Some banks offer special deals for loyal existing customers.

","

Photo credit: ©iStock.com/Kenishirotie, ©iStock.com/Geribody, ©iStock.com/SIphotography

"],"experts":null,"link":"/credit-score/the-5-best-credit-cards-for-paying-down-credit-card-debt","published":{"datetime":"2013-5-16","readable":"May 16, 2013"},"shareInfo":{"title":"The Best Balance Transfer Credit Cards","origin":"/credit-score/the-5-best-credit-cards-for-paying-down-credit-card-debt"},"isNewsArticle":false},{"id":"cG9zdDo5MjM5","databaseId":9239,"postId":9239,"author":{"node":{"id":"dXNlcjoyNA==","databaseId":24,"userId":24,"avatar":{"url":"https://secure.gravatar.com/avatar/1d2d507a93dd0d584e97dbb07a05b6c4?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Born and raised in the center of the known universe, Brooklyn NY, and currently hiding out in the bucolic hills of northeast Pennsylvania writing about personal finance. His expertise includes personal loans, credit cards and retirement. It's not easy living the American Dream but someone has to do it!","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Frank","fullName":"Frank Addessi","lastName":"Addessi","name":"Frank Addessi","postCount":{"pageInfo":{"offsetPagination":{"total":36,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"faddessi","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$30","date":"2013-09-11T14:41:36","excerpt":"

Having less than perfect credit shouldn’t be an invitation to being taken advantage of but it often is. The fact is that the worse your credit is the worse it can get if you’re not careful. The reason is that when you agree to bad terms because you desperately need a car often results in […]

\n","featuredImage":{"id":"cG9zdDo5NTk1","databaseId":9595,"altText":"money car","date":"2013-09-11T14:40:53","fileSize":103719,"mimeType":"image/jpeg","modified":"2013-09-11T14:40:53","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2013/09/money-car.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-9-6","readable":"September 6, 2023"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/credit-score/car-loans-with-bad-credit-pros-and-cons-of-dealership-loans","metaDesc":"","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":5,"title":"Car Loans with Bad Credit: Pros and Cons of Dealership Loans - SmartReads by SmartAsset","__typename":"PostTypeSEO"},"slug":"car-loans-with-bad-credit-pros-and-cons-of-dealership-loans","status":"publish","title":"Car Loans with Bad Credit: Pros and Cons of Dealership Loans","uri":"/credit-score/car-loans-with-bad-credit-pros-and-cons-of-dealership-loans","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjoyNA==","databaseId":24,"userId":24,"avatar":"$31","description":"Born and raised in the center of the known universe, Brooklyn NY, and currently hiding out in the bucolic hills of northeast Pennsylvania writing about personal finance. His expertise includes personal loans, credit cards and retirement. It's not easy living the American Dream but someone has to do it!","additionalMeta":"$32","email":null,"firstName":"Frank","fullName":"Frank Addessi","lastName":"Addessi","name":"Frank Addessi","postCount":"$33","slug":"frank-addessi","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybTo5Mg==","children":"$36","databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":96,"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

","

Check out our refinance calculator

","

A Relative Term

","

When it comes to buying a car bad credit is a relative term that is not very accurate. In order for there to be such a thing as bad credit there has be an opposite thing called good credit and there is no such thing as good credit. Credit runs on a numeric scale the higher your credit score the more credit worthy you are or the lower the risk you present of not paying.

","

On the other hand the lower your credit score the greater the risk you present to lenders and risk is the name of the lending game. The greater the risk the higher the interest rate you will be asked to pay. Most people are neither the super low nor super high credit risks which is where the greatest risk for most people lays particularly those on the lower end of the spectrum.

","

A Matter of Opinion

","

Since credit worthiness is based on a sliding scale with very fine increments from 350 to 850. The current median score of around 725 mistakenly leads many people to believe a score above that is good and a score below that is bad. Is a person with a credit score of 700 going to be offered 0% interest on a new car loan? Probably not, and it’s equally unlikely that someone with a credit score of 750 is either!

","

To further complicate the matter, dealer financing will often have a wider swing range than from 700 – 750 depending on the dealership. The difference will have less to do with the borrower than the dealer because dealers with higher volumes are able to spread their risk over a greater number of people they are often able to offer lower rates to people with lower credit scores.

","

What’s the Difference?

","

Car dealers are not banks, they’re car dealers and as car dealers they make their money selling and servicing cars. Banks on the other hand are in the business of lending money and make their money from the interest on loans. These facts bring us straight to the first advantage of dealer financing, flexibility.

","

Dealers are going to have more latitude in the interest rates they offer prospective buyers because they have other factors that go into the rate they charge than banks. As a rule every car, new and used on the dealer’s lot is there as a result of a line of credit the dealer used to buy it, whether from the manufacturer or as the result of a trade in. That means every day the car sits in inventory it costs the dealer money in interest. Banks don’t have that pressure and therefore tend to be less motivated to being understanding of your situation.

","

When you sit with the finance department of a dealership you are really dealing with multiple lenders all at the same time through the intermediary of the dealership’s finance person. Of course you could do the same thing on your own but that takes a great deal of time and you won’t have a relationship to leverage to bring over the top on a borderline case.

","

Dealers are also motivated by the prospect of referrals. Securing a more favorable rate for someone with less favorable credit often results in that person telling everyone they know what a great bunch of people there are at the XYZ Dealer and the greater the likelihood that a referral with stellar credit will walk in the door and further perpetuate the cycle.

","

On the Other Hand

","

While a dealer will have greater flexibility in helping you secure financing their primary business is still selling cars and not making loans. This can mean that they will take the path of least resistance in getting you a loan which can mean you pay a higher interest rate that you might if you shop around.

","

The natural pressure cooker environment of a car dealership combined with a buyer’s credit concern can combine to result in a situation where you feel compelled to say yes to a higher price for the vehicle of your choice than you might otherwise pay because of the promise of financing.

","

Dealer financing can also come with the addition of extra fees and charges related to the credit offer. These add-ons can quickly drive the cost of the deal much higher than you might otherwise be willing to go and it can happen without you noticing because they appear to be beyond the control of the dealer.

","

Finally there is a thing called dealer reserve. This is basically a mark-up the on the loan’s interest rate the dealer can keep or pass-on to the buyer, in part or total. Again the result is not the best interest rate for you the buyer.

","

Look Before You Leap

","

Investigate your options before you walk into a dealership by talking to a loan officer where you do your banking at the very least to determine what the prevailing interest rates are for the type of vehicle you are purchasing and use that as a baseline to compare your options from dealers and third party lenders alike.

","

Photo Credit: RoySmiths

"],"experts":null,"link":"/credit-score/car-loans-with-bad-credit-pros-and-cons-of-dealership-loans","published":{"datetime":"2013-9-11","readable":"September 11, 2013"},"shareInfo":{"title":"Car Loans with Bad Credit: Pros and Cons of Dealership Loans","origin":"/credit-score/car-loans-with-bad-credit-pros-and-cons-of-dealership-loans"},"isNewsArticle":false},{"id":"cG9zdDo0MzI5","databaseId":4329,"postId":4329,"author":{"node":{"id":"dXNlcjo4","databaseId":8,"userId":8,"avatar":{"url":"https://secure.gravatar.com/avatar/8ac90f95273c7c36fbcb2b648b56509b?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Thierry Godard is former Editor at SmartAsset who writes on a variety of personal finance issues. He is an expert on topics including home buying, saving money and budgeting. Thierry has a degree in Journalism from CUNY Baruch College.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Thierry","fullName":"Thierry Godard","lastName":"Godard","name":"Thierry Godard","postCount":{"pageInfo":{"offsetPagination":{"total":45,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"tgodard","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$38","date":"2013-05-02T16:50:20","excerpt":"

The old saying “don’t fix it if it ain’t broke” was not created with your credit score in mind. Unless you have perfect credit (which you probably don’t), your credit score can always be improved. Why? Because everything related to your personal finances revolves around these three little numbers. Get your free credit score How […]

\n","featuredImage":{"id":"cG9zdDo0MzYx","databaseId":4361,"altText":"cashnetusa-credit-repair-infographic","date":"2013-05-02T20:53:06","fileSize":71071,"mimeType":"image/jpeg","modified":"2013-05-02T20:53:06","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2013/05/cashnetusa-credit-repair-infographic1.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-9-6","readable":"September 6, 2023"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/credit-score/quick-and-dirty-credit-repair","metaDesc":"Unless you have perfect credit, your credit repair is always an option. Here's how to repair it in a few simple steps.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":2,"title":"Infographic: Quick and Dirty Credit Repair | SmartAsset","__typename":"PostTypeSEO"},"slug":"quick-and-dirty-credit-repair","status":"publish","title":"Quick and Dirty Credit Repair","uri":"/credit-score/quick-and-dirty-credit-repair","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjo4","databaseId":8,"userId":8,"avatar":"$39","description":"Thierry Godard is former Editor at SmartAsset who writes on a variety of personal finance issues. He is an expert on topics including home buying, saving money and budgeting. Thierry has a degree in Journalism from CUNY Baruch College.","additionalMeta":"$3a","email":null,"firstName":"Thierry","fullName":"Thierry Godard","lastName":"Godard","name":"Thierry Godard","postCount":"$3b","slug":"thierry-godard","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybTo5Mg==","children":"$3e","databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":96,"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

","

Get your free credit score

","

How big or how small these three numbers are can make or break a mortgage application, generate thousands of dollars in interest fees, or keeping you from reaping the benefits of the best credit cards. Though there are some upstart alternatives like Vantage 3.0, the Fair Isaac Corporation (FICO) score remains the single most important credit score.

","

There’s a reason why FICO is still the gold standard, it takes into consideration a number of important factors related to your finances, throws them in a blender and churns out a number. That number is the best representation of your financial responsibility, or lack there of. If you’re in the latter camp due to unemployment, crushing student loans, or severe credit card debt it’s a lot easier than you think to start repairing your credit.

","

Source: Cashnetusa

"],"experts":null,"link":"/credit-score/quick-and-dirty-credit-repair","published":{"datetime":"2013-5-2","readable":"May 2, 2013"},"shareInfo":{"title":"Quick and Dirty Credit Repair","origin":"/credit-score/quick-and-dirty-credit-repair"},"isNewsArticle":false},{"id":"cG9zdDoxNDI5OA==","databaseId":14298,"postId":14298,"author":{"node":{"id":"dXNlcjoyOA==","databaseId":28,"userId":28,"avatar":{"url":"https://secure.gravatar.com/avatar/c2129e3c852ac8063af4562fe9605e22?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She's worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children. Rebecca also holds the Certified Educator in Personal Finance (CEPF®) designation.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Rebecca","fullName":"Rebecca Lake, CEPF®","lastName":"Lake, CEPF®","name":"Rebecca Lake, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":1235,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"rlake","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$40","date":"2014-02-12T10:00:35","excerpt":"

\n","featuredImage":{"id":"cG9zdDoxNDgwMw==","databaseId":14803,"altText":"4 Money Moves That Are Keeping You in Debt","date":"2014-02-11T17:50:45","fileSize":67413,"mimeType":"image/jpeg","modified":"2014-02-11T17:50:45","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2014/01/Used-74.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-8-29","readable":"August 29, 2023"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/credit-score/4-money-moves-that-are-keeping-you-in-debt","metaDesc":"You feel like you are making smart financial decisions, but your debt is still piling up. SmartAsset has the 4 money moves that are keeping you in debt.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":4,"title":"4 Money Moves That Are Keeping You in Debt | SmartAsset","__typename":"PostTypeSEO"},"slug":"4-money-moves-that-are-keeping-you-in-debt","status":"publish","title":"4 Money Moves That Are Keeping You in Debt","uri":"/credit-score/4-money-moves-that-are-keeping-you-in-debt","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjoyOA==","databaseId":28,"userId":28,"avatar":"$41","description":"Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She's worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children. Rebecca also holds the Certified Educator in Personal Finance (CEPF®) designation.","additionalMeta":"$42","email":null,"firstName":"Rebecca","fullName":"Rebecca Lake, CEPF®","lastName":"Lake, CEPF®","name":"Rebecca Lake, CEPF®","postCount":"$43","slug":"rebecca-lake-cepf","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybTo5Mg==","children":"$46","databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":96,"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

Getting into debt easy. Digging your way out, on the other hand, is usually a much tougher challenge. Whether you’ve got credit cards, student loans or a car, eliminating your debt requires discipline, a little sacrifice and a solid strategy for paying it down. If you’re just blindly throwing money at your bills each month, chances are you’re not making much of a dent in what you owe. It’s possible that you could even be sabotaging your debt payoff by making some of these common money mistakes.

","

1. Not Knowing What You Owe

","

Paying your credit card bill each month without reading over your statement is a sign that you may be in denial about your financial situation. When you continue to rack up new debt, you’re only making the problem that much bigger once you finally decide to deal with it. If you’re really serious about dumping your debt once and for all, you’ve got to be able to face up to how much you really owe.

","

Making a list of all your outstanding debts is a good place to start. In addition to writing down the balance, you also want to note how much you’re paying in interest each month and what the minimum payment is. Adding up the total amount you owe can be frightening but it’s important to face the music. Once you know where your starting point is, you can work on figuring out how to begin tackling your debt.

","

2. Paying Just the Minimums

","

Thanks to the 2009 CARD Act, credit card companies are required to include information on your statement showing you how long it would take to pay off your balance if you just pay the minimum. This is really helpful information to have but if you’re like most people, you probably don’t give it a second glance.

","

Paying just the minimums on your debt is one of the biggest traps you want to avoid, especially if your card has a high interest rate. You’re essentially wasting money, since most or all of what you’re paying is likely going straight to the interest. If you’re dutifully sending in $25, $50 or $100 each month but you never really see the balance going down, it’s a sign that you need to step up your efforts. Even if it’s just an extra $5 or $10 a month, it can help you reach your debt-free goal that much faster.

","

3. Working Without a Plan

","

Deciding you want to pay off your debt and actually making it happen are two very different things. Having a plan in place for attacking your bills can have a significant impact on how successful you actually are. If you’re not sure where to start, there are a couple of repayment options to consider.

","

The first strategy involves paying down your debts based on the interest rate. You throw as much money as possible at the debt charging you the most interest first and just pay the minimums on everything else. This is a smart choice if you’re looking to save money but it could take you a little longer to pay down your debts.

","

Going after the debts with the lowest balances first lets you knock some of the smaller bills out of the way and it can give you the motivation to keep going. You’ll probably end up paying more in interest but if you’ve got a lot of debts, getting rid of one or two right off the bat can make it easier to follow through. Ultimately, you have to decide which method fits best with your budget and goals.

","

4. Not Having a Budget

","

The purpose of writing a budget is to see where your money’s going each month. Without a budget, it’s much easier to overspend or buy things you don’t need. If you routinely come up short on cash and use a credit card to make up the difference, you’re just creating a vicious cycle of debt for yourself.

","

If you’ve never made a budget before, tracking your spending can give you an idea of what your biggest money leaks are. Spending a few dollars on lunch every day may not seem like a lot but you’d be surprised at how quickly it adds up. Once you know what your actual expenses are, you can look for ways to cut back on your spending. Just remember that your budget will only work as long as you’re willing to stick to it.

","

When you’re trying to pay down debt it may seem like you’ll never reach the light at the end of the tunnel. Staying focused and knowing what potential pitfalls to avoid can make it easier to achieve financial freedom.

","

Photo Credit: attorneyrobertflavell

"],"experts":null,"link":"/credit-score/4-money-moves-that-are-keeping-you-in-debt","published":{"datetime":"2014-2-12","readable":"February 12, 2014"},"shareInfo":{"title":"4 Money Moves That Are Keeping You in Debt","origin":"/credit-score/4-money-moves-that-are-keeping-you-in-debt"},"isNewsArticle":false}]}]