You can use 0% Credit card balance transfers to legitimately repay debt. A major benefit of choosing to repay debt like this is that after paying any setup charges for the balance transfer no additional fees are due as long as the balance is repaid or transferred somewhere else before the end of introductory period.
Another major benefit of using this solution is you can adjust the amount repaid each month to suit your finances. You should always try to repay the maximum you can afford to reduce the balance as quickly as possible however should you choose to pay less in certain months then you can do so. You may choose to reduce your payments if you need the money elsewhere for example.
You should attempt to prioritize your debts to repay the highest interest debt first. You should be able to find a credit card company offering a 0% introductory rate and transfer as much of your debt as possible to it. You can then focus on repaying your more expensive debts first ensuring it costs you less in the longer term.
There are some important points to remember if you decide to repay your debts using a credit card balance transfer. The most important rule is to remember to always make at least the minimum payment on time to the credit card company. Failure to do this you will most likely incur additional charges and likely lose your introductory rate making this type of debt very expensive. Additionally late payments may result in increased difficulty obtaining credit in the future. If a late payment is unavoidable contact the card company as soon as possible and tell them any reasons why.
Another important rule is to prioritize your highest interest debts first. If you have other credit at a higher rate of interest that is more expensive you should repay this first to reduce the overall amount you repay. After you have removed higher interest credit then move onto the next highest interest and so on until your debt is repaid.
Always repay as much as you possibly can from your credit card balance transfer. Any introductory rate on the credit card transfer will not last forever and the quicker you repay the balance the sooner you can forget about it. Try not to add additional spending to the balance transfer as this will incur higher interest charges than the original balance transfer and will not be repaid first.
Try to get a credit card with the longest introductory period available and make a note of when this expires. As the date comes closer look for another credit card to transfer any remaining debt to. Look at any existing cards you have as these may have special offers available. If you get rejected simply apply to a different company offering introductory balance transfer rates. Move any outstanding balance automatically and make sure you cut up your old card so you cannot spend on it. You'll incur a transfer fee for the new card but this will almost certainly be lower than the interest on an existing card.
Set a budget and stay away from credit cards to purchase things. Any additional items purchased using credit cards will have to be paid for or difficult bankruptcy procedures will happen that will affect your life for years. Using credit card balance transfers it is possible to remove your debts. If you set a budget and give yourself enough time and avoid buying new items with credit cards you will eventually be debt free. I was burdened by debt for years before knuckling down and clearing them.
Another major benefit of using this solution is you can adjust the amount repaid each month to suit your finances. You should always try to repay the maximum you can afford to reduce the balance as quickly as possible however should you choose to pay less in certain months then you can do so. You may choose to reduce your payments if you need the money elsewhere for example.
You should attempt to prioritize your debts to repay the highest interest debt first. You should be able to find a credit card company offering a 0% introductory rate and transfer as much of your debt as possible to it. You can then focus on repaying your more expensive debts first ensuring it costs you less in the longer term.
There are some important points to remember if you decide to repay your debts using a credit card balance transfer. The most important rule is to remember to always make at least the minimum payment on time to the credit card company. Failure to do this you will most likely incur additional charges and likely lose your introductory rate making this type of debt very expensive. Additionally late payments may result in increased difficulty obtaining credit in the future. If a late payment is unavoidable contact the card company as soon as possible and tell them any reasons why.
Another important rule is to prioritize your highest interest debts first. If you have other credit at a higher rate of interest that is more expensive you should repay this first to reduce the overall amount you repay. After you have removed higher interest credit then move onto the next highest interest and so on until your debt is repaid.
Always repay as much as you possibly can from your credit card balance transfer. Any introductory rate on the credit card transfer will not last forever and the quicker you repay the balance the sooner you can forget about it. Try not to add additional spending to the balance transfer as this will incur higher interest charges than the original balance transfer and will not be repaid first.
Try to get a credit card with the longest introductory period available and make a note of when this expires. As the date comes closer look for another credit card to transfer any remaining debt to. Look at any existing cards you have as these may have special offers available. If you get rejected simply apply to a different company offering introductory balance transfer rates. Move any outstanding balance automatically and make sure you cut up your old card so you cannot spend on it. You'll incur a transfer fee for the new card but this will almost certainly be lower than the interest on an existing card.
Set a budget and stay away from credit cards to purchase things. Any additional items purchased using credit cards will have to be paid for or difficult bankruptcy procedures will happen that will affect your life for years. Using credit card balance transfers it is possible to remove your debts. If you set a budget and give yourself enough time and avoid buying new items with credit cards you will eventually be debt free. I was burdened by debt for years before knuckling down and clearing them.
About the Author:
Find more information on credit card balance transfers and other finance news at Meezap.com.
0 comments:
Post a Comment