Many families are carrying higher-interest debt than they’d like, and when you’re focused on day-to-day expenses, it can feel difficult to make real progress.
Evan Gomez, Branch Manager at Midvale River Gate Drive location of Mountain America Credit Union, joined us to explain how a 0% balance transfer could help people pay down debt more effectively.
He explained that a balance transfer allows you to move debt from one lender to another.
This can let you take advantage of a lower interest rate, which means more of each payment goes toward reducing the actual balance instead of paying interest charges.
But, he says you need to be smart about using it as a debt payoff tool and not a way to create more borrowing room.
Evan suggests treating…