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As we face an increasingly sluggish economy,
increased debt, and high levels of inflation, we find ourselves
increasingly overwhelmed by debt -- a major portion of it being credit
card debt. Several credit card companies, in an attempt to woo
consumers, offer promotional deals to increase their client base. The
promotions, labeled as "0 credit transfer rate," "0 credit card balance
transfer rate," "low APR," etc., are generally available for specified
period of time, following which, the rate changes to a higher APR. This
article attempts to discuss a few strategies that will help you make
the most of the credit card balance transfer offer.
Do your homework.
Our article on Balance Transfer provides basic information, caveats,
and tips. We are assuming that you have done your homework and read the
fine print before choosing the credit card you want to transfer your
balances to. Now that you have made the decision to initiate a credit
card balance transfer, it is important to plan this transition in order
to take advantage of the 0 credit card transfer rate (or a low balance
transfer rate).
0 credit card transfer rate - compare credit card rates. Instant decision!
So what's the plan? Now that you incur lower interest expenses, you have the opportunity to pay more toward the principal amount. Common sense, isn't it? Not really, you will be surprised to know that a lot of individuals do not plan their payments in advance and lose a valuable opportunity to become debt free. Most credit card balance transfer offers will give you the promotional rate for a certain amount of time (ranging from a few weeks to six months or more).
Calculate how much you need to pay each month to
bring the balance close to zero before the promotion expires. This is
your opportunity to save on interest expenses and pay the card off.
Ensure that you pay regularly; don't miss a single payment. Remember,
this is your opportunity to be debt free. Calculate the amount you owe
and divide it by the number of months (of the promotional credit card
balance transfer offer). The number derived would tell you how much you
need to pay every month to payoff your entire balance before the
promotional period ends. You should aim toward becoming debt
free -- to the best extent possible.
Click here to
compare 0 credit card balance transfer offers and rates. Instant
decision!
Start saving. Now that you are saving on interest expenses, start saving and as much as you can. Set aside a fixed amount for "emergency funds." Let's say you calculated the savings incurred after a 0 credit card transfer. Use these savings smartly; set aside a certain portion for "emergency funds."
Planning, prudence, and patience are the 3Ps that will you achieve your financial goals. Don't lose a valuable opportunity to become debt free.
0 credit card transfer rate - compare credit card rates. Instant decision!
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