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Author: Nancy sinha
Believe me, I thought long and hard before posting this entry. I was thinking
about credit card debt and how easily it can pile up without you noticing it
until you are swimming –nay, drowning – in it. What do you normally do when this
happens?
Personally, I try to stop using the card until I have all of the
outstanding balance paid off. This is easier said than done, though, as I am
sure you know. There are simply times when you need to swipe that piece of
plastic. Though I still believe that the best solution to credit card debt is to
totally stop using the credit card for purchases – albeit temporarily – there
might be other solutions that could prove to be more practical.
I am talking
about a balance transfer. So what is this? It is really a simple matter – you
take out another credit card that will receive all your existing credit card
debt. The interest can be zero or lower than the current charges on your credit
card. This could also work with another credit card that has a balance transfer
program. In short, you are transferring one credit card debt to another credit
card provider.
It does not sound so good, does it? However, if you take into
consideration the fact that you can gain breathing space since you may be given
the option to pay off the balance in several months PLUS the fact that the new
interest rate is lower or even zero, then the idea of a balance transfer really
makes sense.
The reason for this post is (as you may already have surmised)
that I am currently up to my neck in debt with regard to my main credit card.
Seriously, I do not know how it happened. It started over Christmas when I went
to my hometown. It got carried over throughout January as I kept using the card
for groceries and other purchases. Before I knew it, I was (and am) looking at
several months’ worth of paying off my credit card bill. I am sure I can pay it
off sooner or later – if I don’t make anymore purchases – but the thought of
being in debt for so long and having to pay off large amounts in interest does
not appeal to me. That is why I am in the market for a balance transfer right
now.
In my quest for a new credit card that offers balance transfers, I
realised that there are some considerations. First, my credit has to be good.
There is no avoiding this. Credit card companies that offer balance transfers
are quite strict on this point so if you have bad credit, forget about it.
Second, the amount that I am transferring should be payable within the next 12
months at the most. Otherwise, I would end up paying more for the charges that
will kick in after the zero interest period. So far I am doing good on these two
points. Now I need to go scout for specific credit card balance transfer
programs. Any recommendations?
Published at :
http://www.ukmoneyblog.co.uk/ About The Author...
Nancy, the author of many articles regarding money and personal financeand is providing his useful advice through his
articles on finance for the residents of the UK loans. Read more about
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loans .
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