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Utilize balance transfer offers to save on interest from "summary" of Debt Free for Life by David Bach
One of the strategies you can use to reduce the amount of interest you pay on your debts is to take advantage of balance transfer offers. These offers allow you to transfer your existing credit card balances to a new card with a lower interest rate. By doing so, you can save a significant amount of money in interest charges over time. When you transfer your balances to a card with a lower interest rate, more of your monthly payment will go towards paying off the principal balance rather than just covering the interest charges. This can help you pay off your debts faster and more efficiently. However, it's important to be mindful of the terms and conditions of the balance transfer offer. Some offers come with a low introductory interest rate that increases after a certain period of time. Make sure you understand the terms of the offer and have a plan in place to pay off your balance before the higher interest rate kicks in. Additionally, be aware of any balance transfer fees that may apply. While the savings on interest may outweigh these fees in the long run, it's important to factor them into your decision-making process.
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