You've no doubt read the news, that the Federal Reserve raised short-term interest rates by three-quarters of a percentage point, the largest increase in nearly 30 years.
NEW YORK -- You've no doubt read the news, the Federal Reserve raised short-term interest rates by three quarters of a percentage point, the largest increase in nearly 30 years.Matt Schulz is a credit card pro with Lending Tree, an online marketplace for consumers to shop the best rates on home loans and credit. His number one tip to take away from the recent federal rate hike: Transfer your credit card debt to a 0% interest card.
"The Federal Reserve just raised interest rates, and when that happens, virtually every credit card in America goes up by that same amount in about a billing cycle or two," he said."A zero percent balance transfer card can be an absolute Godsend for folks who have credit card debt, because they can give you basically 12 months, 15 months, up to 21 months, without having to pay any interest on that transfer and balance.
If you don't want to take on a loan or don't qualify, ask your current credit card issuer to consider lowering your interest rate."You don't have to sit back and just accept your interest rate going up," Schulze said."You can call your credit card issuer and ask them for a lower interest rate, and about 70% of people who do that get their way. And the average reduction is about seven percentage points, with far too few people ask, and it's a really big deal.
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