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“Oh, we were about $29,000 in debt,” she said. “And that’s the thing, then when you look at it it’s just like, oh wow, there’s no way that I can personally just get out of this much debt. It’s really scary.” Okay, that’s all good, but once you get that card, how are you supposed to use it? Let’s say you’ve racked up $5,000 in credit card debt on five different credit cards.To wipe that all out, and not pay 20% interest or even higher over a number of years, you’re going to take that 5,000 bucks in debt and transfer it all onto one 21-month, 0% balance transfer card.
Now, we take our total debt of $5,250.00 and divide that by 21 months and we come up with $250 that we are going to have to pay every month for 21 months. Meaning, that if we pay that $250 every month for the next 21 months, we’re going to completely wipe out our debt and we will have done it all by paying 0% interest on that balance transfer card.In reality, we will have eliminated all that debt and paid zero interest doing it, that is if we stick with the plan.