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A quick and relatively painless way to start taking care of debt is doing a credit card balance transfer. Take a look at your credit history and credit score. If you have decent credit you shouldn't have difficulty getting approved for a low or 0% balance transfer card. You may even find a card that offers a no fee balance transfer, but you'll likely have a fee of about 3%. Most cards have a balance transfer fee these days, so make sure you're prepared for that based on that amount you're transferring. Either way, if you can get a 0% interest rate for, say, 12 months, this could save you hundreds of dollars in interest. Just make sure you're going to be saving more compared to your previous interest rate than you'll be paying in fees from the balance transfer.
After you find a credit card balance transfer plan that works for you and you've been approved, you'll need to determine how much you want to switch over to the new card. Keep in mind most cards have a limit to the amount you can shift over, so you may not be able to move the entire balance. Furthermore, you may not want to depending on how much your fee will end up being. Try to transfer as much of the balance as you can, so you're only left with a small amount you'll have to pay interest on. Make sure you try hard to pay off as much of the interest-free (or low interest) balance as possible in the time allotted.
For people who are dedicated to paying off their cards, balance transfers are extremely helpful. Though securing a balancing transfer is generally quite simple, it takes discipline to settle the large debts even after you've shifted the money to a low-interest card. The key here is to try to pay off as much as you can in the time you have available, and try not to charge the card(s) anymore. From now on, try to think ahead when spending and dealing with debt--the sooner you take steps to correct it, the less likely you'll be in a mess down the road. Simply having a little foresight can save you a big headache later on.
Category: Credit CardsNo Balance Transfer Fee and Debt Relief was written by:Author:Mel BrysonAdded: Tue, 19 Dec 2006 06:39:02 -0500 This Article Has Been Read 107 times View all Mel Bryson's articlesAbout the Author: Written by Mel Bryson. MultiMedia Learning LLC provides us history lesson plans, cold war lesson plans and world war ii lesson plans through their unique PowerPoint® Presentation software. Students learn history through classroom social studies games and engaging technology. Learn more at http://www.multimedialearning.org . |
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