By now I’m sure we have all heard the many reasons we should save money. Whether it be for an emergency, college, retirement, vacations, or whatever else you can think of, saving money is a good idea. The problem is most people have no idea on how to get started.
Well if you have credit card debt, Kansas City Credit Union has made saving over $10,000 easier than ever!
Currently, according to a January 2019 article by WalletHub.com, the average interest rate for a credit card is 19.24%. Below we have broken down how that interest rate effects your budget if you are making just the minimum monthly payment on $10,000 in credit card debt:
Over $11,000 in interest alone! That basically means that you are paying for whatever purchases you made on your credit card twice since you are paying more in interest payments than you actually borrowed.
Now look at what happens to that same starting balance when you transfer that same $10,000 balance to Kansas City Credit Union with our fixed rate balance transfers:
That’s a difference of $10,243.56 and all you had to do was switch! Imagine what you could do with $10,000 in savings. Fund your emergency account and take a nice vacation (or staycation). Oh did i mention that you will pay off your balance in nearly half the time it would take if you did not switch? It’s a no-brainer!
Click here for more information on the Kansas City Credit Union Credit Card.
See how much you can save by checking out the bankrate.com credit card minimum payment calculator.