Times when balance transfers really help

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com 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. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Balance Transfer Cards » Times when balance transfers really help

Times when balance transfers really help

Add to Favorites:
Each time credit card bills add up, people get more agitated. What makes it so bad is the fact that whatever you pay, it simply does not add up to enough. The money paid is still way too less and the interests adding on makes things complicated. When your credit card bills get out of hand and you have to cope with very high rates of interest it is time you reconsider your spending habits and also what you have been doing so far to compensate. For one thing, you do not have to deal with such a high interest rate always. There are ways to change how things are. Firstly you need to say if there has been a hike in your interest rates and what triggered it. If you have not missed any due dates or payments on your card, then you can very well renegotiate the terms and see what the change in interest rate is all about. Some companies may have a clause in the agreement stating that they have the discretion to change the interest rate as and when they see fit. In such cases, you cannot do much about it unless they have written elsewhere that the interest rates will remain fixed. When there is too high an interest rate and high debts, people feel like they are dealing with a mountain that is not budging. You can take matters into your hand before you have to even contemplate dealing with a bad credit situation. The most common route out is to opt for a balance transfer. You must be receiving numerous marketing emails about balance transfers and you need to spend some time looking at these deals and see what you can get. When you are dealing with a balance transfer, you need to look at what interest rates will be applicable following a transfer and what sort of fees are involved in doing the balance transfer. If you research well you can find options where you need not pay any fees for the transfer and also get a 0 % interest on the new amount for at least 6 months or a year. With a no interest balance transfer you can pay off what you owe and close your outstanding balance in no time. There will be no losses and no heavy payments necessary. Once you have done this, you can get around to paying off what you owe without much of a struggle. The difficult part of the balance transfer is the fact that you will need to stop making any new purchases. Your aim is to get out of debt not add to it. In most cases, the low interest rate is applicable only to the transferred balance and new transactions would mean a whole new interest rate. If you consider this as additional finances and new lines of credit then you could end up in big trouble. It is better to be safe than sorry, so plan your finances carefully.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

Posted: June 21, 2017

Whether you are married or not, we all agree that marriage is incredibly important for a person. It signifies the beginning of two people as a team, as a family, of a long commitment. It is a newly born union and the sign of your choice, ... Continue reading
How to Save Money. Best Credit Card Deals and Tips.

How to Save Money. Best Credit Card Deals and Tips.

Posted: June 20, 2017

We all've been through or may find ourselves in such an emergency when money is needed immediately. Lucky you are if you have savings for unexpected expenses. If not, it's never too late to start saving money. There are different ways to ... Continue reading
How the Fed Rate Rise Impacts Credit Cards

How the Fed Rate Rise Impacts Credit Cards

Posted: June 20, 2017

Recently, the Federal Reserve hiked its benchmark rate by a quarter percentage point, as a result, you could see a rise of the interest rates on your credit cards by 0.25%. That was the first hike of the key rate in 2017 and the Fed ... Continue reading