Credit Card Balance Transfers
June 24, 2009 by admin
In tough economic times like these, reliance on credit cards tends to grow, as evidenced by the 7% annual rise in U.S. household credit-card debt in May. But it’s in times like these that we should take more care than ever.
This serves as a note to self. I am someone who at times has racked up credit-card debt. I always intend to pay off my balance in full every month, but there have been months when my debt has accrued. (Having good credit and very low interest rates has made this a less expensive proposition for me than for many others.)”
Source: Wall Street Journal
Editorial Notes: As Australians we can learn from the mistakes of credit card holders in America. The credit crisis is hitting everyone hard and it is times like this that our budgeting skills need to be at there best. During this period of economic hardship it is especially important to watch how we use our credit cards. You do not want to get caught into the trap of paying off a large credit card debt with a high interest credit card. At the moment there are many balance transfer deals that are offering a 0% balance transfer for 6 months to a new lower interest credit card. If you are someone that is paying an interest rate of around 20 percent, you now have the opportunity to transfer to a credit card with an interest rate in the low teens….What do you think about the balance transfer credit card offers? Has anyone ever had a bad experience with a balance transfer deal? We would like to hear what you have to say Australia.
