Would A 0% Balance Transfer Help You With Debt Consolidation?
Topics: credit, cards, loans, debt, consolidation, consolidate, interest, apr, transfer, balance
One thing that never helps you to pay off that debt is the high interest on some of those credit cards. In fact, when you actually calculate it, you find that it will take a long time, just because of the interest. Interest payments eat up your money stretching out your indebtedness. A new credit card, however, with balance transfer options and 0% APR interest, may be a quick solution to your needs for debt consolidation.
A balance transfer credit card can be a great help in reducing your debt quickly. The thing that makes it take so long to pay down that debt is the interest payments, and the late fees. This is especially true if your credit cards are high interest - which is often the case. You can take much of your current credit card debt, and consolidate it to one card - with 0% APR interest.
These credit cards can give you up to 15 months to make interest-free payments on amounts you transfer to them. By consolidating your credit card debt to one of these, you could greatly reduce your debt - and maybe even pay it all off in that time. The goal with this, of course, is not to max out those other credit cards now that you have transferred your debt to the new card.
In order to find the balance transfer credit card you need, you will first have to make sure your credit score is good. This means that you need to look over your credit report and check it for errors, and make corrections as needed. It will take a month or two, though, for these changes to show up on your credit report. Another important thing is to reduce extra debt beforehand, if you can. Having too many credit cards will also hurt your credit score, if you do not have enough income to offset the ratio.
Look over the introductory offer to make sure how much time is connected to the balance transfers. There may be more than one different time period in connection with the special offer. Some credit cards will actually give you the 0% APR for the life of the transfer that is tremendous if you can get it. It will save you a lot of money. Also, see if there is any fee for this kind of transaction - some cards may charge up to 4%, and others will do it for free.
Once you have the credit card you need for your debt consolidation, it is important to make sure you pay this bill on time. Some companies will actually take away the benefits of your card and put you into a high interest category (possibly 29%) if you are late with just one payment, or do not pay the minimum amount. Since this would immediately cause you to lose the benefits of your debt consolidation on this credit card, make sure you pay on time.
Debt consolidation with 0% APR interest is a great opportunity to get a fresh start with your finances. Look around for a card that gives you the most benefits and has a low interest rate after the introductory offer expires. The benefits do vary and you want a good one - but you will have to shop around for it. Be sure to read the small print, too.
Joe Kenny writes for the UK personal finance sites offering loans, credit cards, mortgages and insurance products - www.ukpersonalloanstore.co.uk and www.nationsfinance.co.uk. For US residents seeking loans, refinance or mortgages visit www.rebuild.org
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