hen you're looking at on the interest on that balance
working out what new for the first few months means
credit card to go for, that instead of paying off the
there are a fair portion that interest, you're paying off your
make a point to offer a low rate debt. After the first month with
balance transfer and low interest the new credit card you'll have
for the first however-many months paid the $100 and now only have a
if you switch to them. But what $900 debt, and still have paid
does that actually mean? exactly the same amount you would
Ignoring any other little snazzy have if you hadn't transferred
deals the creditors offer, if you the balance over. In a few months
have a fairly hefty credit card time you can trim that $1,000
debt as it is then transferring down to a much more manageable
the balance over could be a nice figure. So, when the zero percent
little way of getting the interest period on your balance
interest down for a few transfer runs out you can now
months.
afford to pay both the actual
Let's say you've wound up with interest and still start working
$1,000 on your credit card debt. on getting the entire debt paid
The interest on that can quite off.
happily cost you a fairly chunky
The question that has to be
amount as it is - let's say $100. asked is: what's the catch? If
And that happens every month you manage it carefully, there
until you can get the amount owed really isn't one. Just make sure
down. If you're struggling to pay you read the small print to check
the interest as it is, moving any cunningly concealed charges.
your balance to a different And make an effort to avoid any
credit card (that offers free details in the contract that pull
balance transfers) and a nice, you in to a horribly drawn out
low rate - potentially nothing - and expensive payment plan, or
some other issue that arises can save yourself a nice sum of
further down the line. Most of money.
the time, though, if a balance
transfer would be enough of a
benefit to you for you to be type="text/javascript">
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