Balance Transfers

If your credit card debt is becoming burdensome, one way to deal with the increasing monthly totals is to do a balance transfer. Of course, this step has to be taken carefully and judiciously, but if you pay attention to the details, a credit card balance transfer can be an extremely helpful and productive way to lower your credit care interest rates, making it easier for you to pay off the balance faster and easier.

A balance transfer is simply the process of moving the balance of one credit card to another credit card that has a lower interest rate. The second credit card effectively pays off the first one; at this point it would be a good idea to get rid of that first, higher interest card altogether. If you don’t get rid of it, then try not to use it very often; you’ve already discovered that the high interest makes the balance difficult to pay!
You can find low interest credit cards to use for your balance transfers in a couple of ways. The easiest way, of course, is just to check your mail every day until you receive a credit card offer. Many of these “pre-approved” credit cards offer special, low introductory interest rates for the first several months; you can take advantage of that fact for your balance transfer. In fact, some of these offers have special rates specifically to encourage balance transfers. Even if the interest rates are very low, the company is still making money through the small amount of interest that you do pay.
You can also go online and do a search for “balance transfer” and get a list of zero or very low percent interest credit cards. Many companies offer credit card deals specifically to allow you to do a balance transfer; this enables them to steal customers from their competitors. Competition like this is good for you; you have the chance to transfer your balance to the cards that are best for you. 
Whether you search out offers or they come to you through the mail, make sure to be very careful before signing up to do a balance transfer. Read the fine print. Most of these low-interest offers are limited by time, and you don’t want to get caught paying off an old balance at a new interest rate that’s just as high as before. But if you use them responsibly, these low interest rates can allow you to do a balance transfer that helps get your debt under control.
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