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Credit card debt is a problem that many people in America are facing these days. The global economic crisis has affected the United States the most and this has made a lot of people lose their jobs and wiped out large fortunes from the face of the financial world. Overspending on cards to pay off essential expenses has become common but people are failing to find the funds to pay back the balance amount to the card company.

Credit card loans are not like conventional loans. They charge a much higher interest rate than traditional loans. It may be easy to borrow money on your card, but paying it back with interest can burn a hole in your pocket.

Paying back credit card loans is now easy with a new product that has been launched by a large number of credit card companies. This is the 0% APR balance transfer credit card.

If you have a large amount of debt accrued on your current credit, and are not able to pay it back by the due date, you can go for a balance transfer. All credit cards will give you a grace period within which you can pay off your loan without interest. But after this period, you will have to pay a large interest rate on the borrowed amount. To avoid this, you can transfer the outstanding balance on your credit card to a new credit card. and this new credit card will not charge you any interest on the amount for a certain period of time. The only thing is that the transfer itself might cost a small amount of fees.

If you end up going for a balance transfer, there are certain things that you have to keep in mind.

Firstly, do not use the new card to make any purchases. This will only increase your debt and you will not be able to pay it all back by the time the grace period expires.

Secondly, always ensure that you pay slightly more than the minimum due on the new card. This way, you will be able to pay off the debt within the grace period.

Lastly, when you enroll for the new credit card always look for one with the longest 0% APR period or interest free period. This will give you sufficient time to repay all your debt. And when you enroll for a new card, always check the terms and conditions to understand it thoroughly.