Balance transfers are means, not solutions
Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » Research » Guides » Balance Transfer Cards » Balance transfers are means, not solutions

Balance transfers are means, not solutions

Add to Favorites:

Every problem has a solution, but to truly identify the solution is the challenge. In our haste to get out of a mess, we tend to just run into anything that will give us solace even for a brief period without realizing this could lead us to messier situations! This is the case with people suffering with bad debts and thinking of balance transfers to rescue them.

There are reasons that balance transfers cannot be that stroke of luck you are waiting for.

Initial period offers

The banks have a way of advertising to ensure they find customers in each of us. You would want to jump from your seat when you hear about zero percent balance transfer, but read on to find the details. A patient understanding will let you know that this will be only for the initial days. Moving forward, these credit cards will charge you a higher rate of interest.

Interest on purchases

Every purchase you make will become a burden on you. You will be accumulating and adding to the loan each time you make a purchase, the only difference being that you will now have to pay more interest compared to your previous credit card!

You still have to repay

The heart of the matter is that you still have to repay. You may feel a great sense of relief with the balance transfer, but soon you will get off the hyped up feeling to realize that there is no vanishing of problem, if anything, it has only shifted places.

They provide a moment of relief

Balance transfers can help if you accept the reality that it is just a relief you could savor for the moment. If you choose the bank wisely, your decision to transfer your loan may ease your situation even in the long run. By consolidating all your loans, you may have reduced the interest you have to repay on the loans, but you still have to repay and that is the hard fact you have to digest.

As a permanent solution, change your spending habits and be more calculative. Don’t get carried away by sales and offers and get overboard with your purchases. Bring in healthy changes in your lifestyle but more than anything, realize that there can be no magic that can solve your problem; you have to find the right means to do it yourself.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How to Get Free Wi-Fi in the Air

By Herbert Moore, Posted: September 28, 2016

Sometimes in-flight Wi-Fi is the bare necessity when you travel abroad or within the country. However not all airlines offer free in-flight Wi-Fi. There is only a couple of airlines that will allow you to use Wi-Fi ... Continue reading

Amazon Credit Cards Review

By Allison Martin, Posted: May 30, 2016

When was launched 20 years ago, few could have envisioned how far the company would come. What was once an online specialty bookstore is now an Internet juggernaut that sells nearly anything and has made major inroads into ... Continue reading

How Much Do Shell Cards Really Save on Gas?

By Allison Martin, Posted: April 20, 2016

There is an endless amount of gas cards on the market, and practically every major gas station, including Shell, has options to choose from. In fact, Shell offers two options for gas cards for consumers. Continue reading