Getting Debt Relief Thanks to Balance Transfer Credit Cards
Unfortunately, many people have found themselves in financial positions they never thought they would have to deal with thanks to the financial recession that we have been dealing with for the past few years.
With credit card bills mounting, many people have found themselves looking into the different debt relief options they may have.
Not being ready to close credit card accounts and take negative hits on credit scores, many Americans decide not to move forward with debt settlement or debt consolidation.
However, what other option do these consumers have for credit card debt relief.
One option that is often overlooked is balance transfer accounts.
I know what many Americans may be thinking.
If you have charge card debt, why would you want another card? Well, balance transfer accounts, although disguised as regular cards, have special debt relief potential.
As a matter of fact, balance transfer cards can be used as a form of debt consolidation that doesn't require the closure of any credit accounts! No that I've got you interested, let me tell you how this works.
First off, balance transfer credit cards have their name for a reason.
These cards allow people to transfer balances from high APR credit card accounts to the one balance transfer charge card account.
In most cases balance transfer charge cards will come with great introductory and long term APRs, however, there are a few things people should look at when shopping for balance transfer cards: The first thing that people will want to look at when shopping for a balance transfer card account for debt relief purposes is the long term APR.
Although introductory APRs are nice, they do not last forever.
Consumers should make a list of the balance transfer accounts they find with acceptable long term APRs first.
Once this list is made, Americans should go back and look at introductory APRs and introductory periods.
Introductory annual percentage rates are lower APRs that are generally used as bait to attract new people to a charge card product.
These APRs can range from 0% to 6% and usually last between 6 and 12 months.
Consumers should now take the higher introductory APR balance transfer charge card off of the list that they made earlier.
This should leave them with only a few offers.
Now it is time to compare transfer fees! With the offers people have left on their list, it is time to compare the transfer fees the bank will charge consumers to transfer a balance using that specific charge card account.
Transfer fees can generally be between 3% and 6% of the amount being transferred.
However, before not using a card for high transfer fees, it should be compared by its long term and introductory APRs.
Sometimes, it is worth paying a higher fee up front for more long term savings.
Finally, once a card account is chosen, consumers should apply for and transfer all of their high APR debt to the new balance transfer charge card account.
This will reduce the overall interest the consumer will have to pay for the debts borrowed against credit cards in the past and has already provided thousands of consumer the relief they deserve!
With credit card bills mounting, many people have found themselves looking into the different debt relief options they may have.
Not being ready to close credit card accounts and take negative hits on credit scores, many Americans decide not to move forward with debt settlement or debt consolidation.
However, what other option do these consumers have for credit card debt relief.
One option that is often overlooked is balance transfer accounts.
I know what many Americans may be thinking.
If you have charge card debt, why would you want another card? Well, balance transfer accounts, although disguised as regular cards, have special debt relief potential.
As a matter of fact, balance transfer cards can be used as a form of debt consolidation that doesn't require the closure of any credit accounts! No that I've got you interested, let me tell you how this works.
First off, balance transfer credit cards have their name for a reason.
These cards allow people to transfer balances from high APR credit card accounts to the one balance transfer charge card account.
In most cases balance transfer charge cards will come with great introductory and long term APRs, however, there are a few things people should look at when shopping for balance transfer cards: The first thing that people will want to look at when shopping for a balance transfer card account for debt relief purposes is the long term APR.
Although introductory APRs are nice, they do not last forever.
Consumers should make a list of the balance transfer accounts they find with acceptable long term APRs first.
Once this list is made, Americans should go back and look at introductory APRs and introductory periods.
Introductory annual percentage rates are lower APRs that are generally used as bait to attract new people to a charge card product.
These APRs can range from 0% to 6% and usually last between 6 and 12 months.
Consumers should now take the higher introductory APR balance transfer charge card off of the list that they made earlier.
This should leave them with only a few offers.
Now it is time to compare transfer fees! With the offers people have left on their list, it is time to compare the transfer fees the bank will charge consumers to transfer a balance using that specific charge card account.
Transfer fees can generally be between 3% and 6% of the amount being transferred.
However, before not using a card for high transfer fees, it should be compared by its long term and introductory APRs.
Sometimes, it is worth paying a higher fee up front for more long term savings.
Finally, once a card account is chosen, consumers should apply for and transfer all of their high APR debt to the new balance transfer charge card account.
This will reduce the overall interest the consumer will have to pay for the debts borrowed against credit cards in the past and has already provided thousands of consumer the relief they deserve!