The bills are piling up, late fees are drowning your principal payments, and too often you let those collection calls roll to voicemail. It’s time to consider a faster, more cost-effective way to manage your debt!

Credit card balance transfers allow you to pay off numerous debts by consolidating them onto one card with a lower interest rate. This gives you the breathing room to catch up with payments and begin to repair your credit score.

Completing the transfer scenario can be tricky, though. At Common Trust Federal Credit Union, we’ve consolidated this into 3 simple steps to reduce your debt and get started on the path to financial freedom.

1. Log current balance and interest rate info

If you’re looking to disrupt the status quo, you have to start by knowing the status! Spend some time researching your current balances, payoffs, and interest rates, and keep this information on hand. This will help you plan what kind of credit card balance transfer plan will work for you and will set the foundation for how to obtain the help you need.

2. Find and apply for the right balance transfer card

There’s no one-size-fits-all solution to paying off debt, even with credit card balance transfers. It’s critical you choose a card that best fits your immediate and long-term financial needs. The fine-print terms and conditions are the first place to start your research: Is there an interest-free period, and how long does it last? How quickly must the debt transfers be made? Is there a transfer fee? Once you have the answers you want, it’s time to apply for the card.

3. Pay off your debt

Once approved, call your new card company and initiate the transfers — then watch those debt numbers shrink! With the right solution in place, you will be paying off large chunks of debt while making affordable payments toward your principal balance. The plan only works if you work it, so make sure your monthly budget factors in your payment. Missing even one payment can immediately end interest-free periods and cost you more in the long run. Take the time to educate yourself on good credit behaviors to ensure you are starting fresh and can stay ahead.

Our loan experts are here to help! Explore the opportunities available today with Common Trust Federal Credit Union’s Credit Card Balance Transfer program. Through June 30, 2019, you can get rates as low as 6.9% until your credit card balances are paid off — plus the rate is good on purchases, advances, and balance transfers. Visit our credit card balance transfer promotion page or stop by the branch to learn more.