Consolidate Credit Card Debt with 0% Balance Transfers

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The first thing you do is slice up all your credit cards except the one you like best. You give that one to a trusted friend or family member. Now that you have been responsible enough to do that, you are responsible enough to learn how to work the system to your advantage, instead of being a fool and letting the system lead you down the high-interest path of no return. It is time to go shopping for a zero percent balance transfer card. So listen, and listen well.Zero Percent Balance Transfer Card ExplanationsMany credit card issuers offer zero percent transfer cards as a come-on to entice you to be one of their card holders. This has come about because competition among credit card companies is fierce. With this kind of card, you can take the debt you are carrying on other cards at anywhere from 13-21% and slide it onto another interest free.Sitting Around Interest FreeThe issuer will allow you to keep that debt on their card and apply no interest to it for a certain amount of time. Depending on the issuer, the time can range from six to eighteen months. That immediately relieves you of interest accruing on the sum from the other cards and that should give you a sigh of relief right away.Many Credit Card Issuers Offer Zero Balance TransfersFire up the laptop and start looking for credit card issuers who are offering zero percent balance transfers. Credit card comparison websites can assist in this shopping. Find one with the best deal and accepts balance transfers in the sum you intend. Some issuers may not be willing to assume $5-10,000 worth of debt interest free. Check on dragging amounts from more than one card as well, if that fits your predicament. Look for transfer fees.Choose the Card, Pay Attention, Do Exactly as InstructedOnce you get your balance transfers squared away and sitting on your new zero-interest card, PUT THE CARD AWAY! Why? Firstly, right now you do NOT need to be assuming any new credit card debt. Secondly, the zero-percent balance is just for that – the balance you transferred; any new purchases will be charged at the rate specified in the contract. Thirdly, any payments you make to the credit card company will be applied to your balance transfer only. If you make new purchases, they will sit on the sideline collecting interest at the usual monthly rate until the transfer is wiped clean. So, a $20 bottle of wine could end up costing you $60 once the balance transfer is paid. (Figures for illustrative purposes only.) SO PUT THE CARD AWAY!Pay The Interest Free Transfer BalanceThis should be a no-brainer, but people who get into deep credit card debt are probably not the brightest lights in the harbor. So, pay the balance off before the end of the interest-free period. As stated earlier, depending on the card, you get six to eighteen months. If you do not cover that debt in the allotted time, the remainder will go onto the books at the usual rate, but, get this, many times it goes to the highest rate allowed (21%?) because you did not meet your promise within the allotted time.Obey the Rules About Using Zero Interest Balance Transfer CardsDo not use the balance transfer card for new purchases. Pay it off within the allotted time. If you cannot abide by these two rules, forget about a zero interest balance transfer card, because it will only draw you into a worse predicament than you are facing now. Used wisely, these cards are a clever way to wipe out credit card debt.

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ABOUT THE AUTHOR

Devora Witts is a certified loan consultant who helps people get approved for Loans for People with Bad Credit and Unsecured Loans. To get aid with your financial situation you can visit her at http://www.badcreditloanservices.com
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