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High interest debt can feel overwhelming, keeping many Americans stuck in a cycle where monthly payments barely reduce the balance. According to Federal Reserve Bank of New York data, the average APR on credit cards remains above 20%, meaning much of what you pay goes toward interest rather than reducing what you owe. These high costs can make it difficult to make meaningful progress toward paying off debt, creating financial stress and limiting your ability to save for future goals.

Balance transfers can be a powerful tool for debt freedom. By moving your existing high-interest debt to lower APR credit card or loan, you allow more of your payments to go toward the principal rather than interest. This strategy can accelerate your payoff timeline, reduce the total cost of your debt, and help you regain control over your financial future.

Balance transfers are not a quick fix, but a smart approach to managing debt. They create a clear roadmap for paying down balances and can build long-term financial confidence when used responsibly. Check out BALANCE’s Debt Consolidation Calculator, a free resource for our Members, to see how much you could save.

Tips to Make the Most of a Balance Transfer:

• Review your current APR to understand how much interest you’re paying.
• Create a payoff plan so you stay focused on reducing your balance.
• Avoid new charges on old credit cards after transferring.
• Make consistent, on-time payments to maximize interest savings.

Ready to take the next step toward debt freedom? Learn more and apply for a balance transfer today!