Debt can feel like a black hole you'll never escape, but you may not even be aware that you can lower your interest rates by transferring your debt from high-interest credit cards to zero percent balance transfer cards.
It's become popular to transfer balances from high-interest bearing cards to credit cards that offer great rates for such transfers, and some of these cards don't even charge fees for balance transfers.
These transfers can save you thousands of dollars in interest as long as you keep in mind that credit card companies aren't in the business of giving you something for nothing.
They're out to make money, and since they don't make money from charging you no interest, they'll find other ways to make it.
You have to take your credit and debt into your own hands and be sure you thoroughly understand that zero percent balance transfer cards can sound like better deals than they are.
Zero percent balance transfer cards are great for the person committed to paying down debt without accumulating more.
Because new purchases you make with your new card will be charged interest.
How much interest depends on the card.
This is where you have to take responsibility and be sure you understand all these details before you sign the card agreement..
You might pay average to high interest on purchases and advances when you use zero percent balance transfer cards.
And once that introductory low- or no-interest rate expires, you'll pay interest on the entire card balance.
So you can see how quickly your debt can begin to accumulate again.
When investigating zero percent balance transfer cards, be sure you understand how long the introductory interest lasts.
It could be six months, even a year, or it could be 90 days.
And when that's up, what will the standard APR be? Is it still considerably lower than the interest you're paying now? If so, chances are that zero percent balance transfer cards can help you save a substantial amount of money as long as you pay your bill on time each month.