When you have credit card debt, you know how painful it is. It’s the most expensive type of debt you can have, and your credit card companies are getting rich and fat while they are hollowing you out with high interest rates.
Wouldn’t it be great to turn the tables? Well, there are a lot of people now. More and more Americans are simply withdrawing their credit card balances, and that is making credit card companies like Capital One, Citibank, and Chase very, very nervous. That’s because their entire business model is based on stabbing you.
“Americans are paying off their credit card debt at levels not seen in years. This is good news for everyone except credit card issuers, ”reports The Wall Street Journal. “Many card issuers rely on increasing card usage and credit for their earnings, wondering if the pandemic trends will become a long-term shift.”
Wouldn’t it be nice to get some revenge and break your credit card company for a change in a sweat? Now you can and it’s easier than you think.
Credit cards burden you with harsh interest rates that routinely rise north of 20% APR. However, if you owe your credit card company $ 50,000 or less, it will bring you to a website AmOne You will receive a low-interest loan that you can use to pay off all of your balances.
The advantage? You have to pay an invoice every month. And because personal loans have significantly lower interest rates (AmOne rates start at 3.49% APR), you will no longer have any debt The much faster.
Plus: There are no credit card payments for you this month!
You get terribly nervous
These days, credit card companies are sweating bullets as Americans’ credit card balances are plummeting. They are down a whopping $ 49 billion in the first quarter of 2021 compared to the previous quarter. This comes from data released by the New York Fed last week.
Overall, credit card balances have fallen by almost 15% compared to last year, according to the Equifax credit bureau.
Big credit card companies like Capital One, Discover, and Synchrony (the largest business credit card issuer) had balances down 17%, 9% and 7% year over year, these companies reported.
Why is this happening?
When the COVID-19 pandemic broke out, banks expected an increase in arrears, forcing borrowers to rely on their credit cards to make ends meet. The Wall Street Journal reported. But then the government stepped in with stimulus measures and increased unemployment benefits. It enabled borrowers to suspend mortgage and student loan payments. So there was never an increase in arrears.
“It seems that many households are working to reduce their revolving debt balances and this is happening across the board,” the Fed wrote.
How to beat your credit card company
If you are interested in a personal loan to clear your credit card balance, getting a good credit score helps.
A free website called Credit sesame makes it easy to get your credit score on track to meet your goals. Within two minutes, you’ll have access to your credit history, all debtor accounts, and a handful of personalized tips to improve your credit score. You can even spot bugs that are holding you back (every fifth report has one).
Now, with AmOneYou don’t need a perfect credit score to get a loan. Comparing your options doesn’t affect your creditworthiness at all. Also, AmOne keeps your information confidential and secure, which is why after 20 years in business it is likely still to have an A + rating with the Better Business Bureau.
It takes less than a minute and only 11 questions See which loans you qualify for – You don’t even have to enter your social security number. You need to give AmOne a real phone number to qualify, but don’t worry – they won’t spam you with phone calls.
Stop shoveling money into high yield credit card payments. Cackle with the rest of us as credit card companies express deep concerns about profit views and sweat over their plummeting profits.
Revenge is sweet.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He paid all of his credit cards and wow, did it feel good?
This article originally appeared on www.thepennyhoarder.com