Credit card balance transfers to zero rate introductory cards can save you hundreds of dollars a month. Instead of struggling to pay bills, your money will be diverted from lenders to essential family needs. You can also get enough breathing space to get organized and make new financial decisions. This is a great time to create a workable budget and learn to live within it so you avoid future debt. Just make sure you include emergency savings in your budget so that you don't need to raid your account in a pinch.
One of the best uses of credit card balance transfers is to use as much of the interest savings to pay down your balance as possible. If you transfer your balances to an introductory offer card with a long zero rate period (say, twelve months), you will be well positioned to reduce debt. The more money you can afford to pay off your debt, the better off you'll be. At the end of your introductory period you can either choose to transfer your balance again, refinance with a low rate personal loan or begin to pay the normal interest rate on your balance.
Credit card balance transfers are excellent ways to change your financial fortunes. However, you still need to choose the best possible deal. It's important to choose a card with a low balance transfer fee and low annual fees and charges. It is also a good idea to avoid transferring your balances to a card with an overly high late payment penalty. After all, things can go wrong for all of us at times and payments can be late.
One of the best uses of credit card balance transfers is to use as much of the interest savings to pay down your balance as possible. If you transfer your balances to an introductory offer card with a long zero rate period (say, twelve months), you will be well positioned to reduce debt. The more money you can afford to pay off your debt, the better off you'll be. At the end of your introductory period you can either choose to transfer your balance again, refinance with a low rate personal loan or begin to pay the normal interest rate on your balance.
Credit card balance transfers are excellent ways to change your financial fortunes. However, you still need to choose the best possible deal. It's important to choose a card with a low balance transfer fee and low annual fees and charges. It is also a good idea to avoid transferring your balances to a card with an overly high late payment penalty. After all, things can go wrong for all of us at times and payments can be late.
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