Level Up Your Finances with a Balance Transfer | Guiding You Forward 

If you’re like millions of Americans, you may be carrying a higher credit card balance today than you had back in October due to holiday shopping. Fortunately, there is a financial tool that could help you reduce your balances, lower your payments and pay off your debt quicker. In the podcast studio, we’re joined by Erik Finch, chief data and strategy officer at Mountain America Credit Union. Watch the video above for Erik’s tips on how to save money with a balance transfer.

In this video, you’ll learn:

• How a balance transfer can save you money over time.

• The importance of implementing a solid payoff plan.

• Why being aware of the terms and conditions of your balance transfer is important.

A balance transfer involves moving debt in a high-interest account to an account with more favorable terms. Erik explains how opting for a balance transfer from a high-interest credit card to a card with a lower interest rate is an excellent strategy to alleviate your debt burden. Why? Simply put, more of your money is going toward your principal balance and less is going to cover interest fees—saving you money over time.

Choosing a balance transfer can be a smart money move when executed responsibly. Erik underscores the significance of devising a solid payoff and budgeting plan not only to eliminate your current debt but to avoid falling into a debt trap again later.

  Achieving success with this financial tool relies significantly on **understanding the terms and conditions of the balance transfer promotion** and planning accordingly. Erik reminds us to make note of expiration dates for limited-time benefits, like a low introductory interest rate or no interest period.

Once a credit card has a $0 balance, should you close the account? Erik advises on the best action to take in this situation.

Tune into the full episode to learn how a balance transfer could benefit you!