Anyone who has battled debt in the form of credit cards knows that bleak, uphill feeling when you reach a maximum ceiling as far as how much you've spent on a card or several cards and are looking for a way out.
For some, that might be using your savings account and spending that toward paying down your credit cards or paying them off all together or looking to consolidate through a debt company or perhaps borrowing a lump sum through a credit union, usually one at work will be a little more lenient with approval.
One option that always remains a favorite is the credit card transfer, from one to another in order to take advantage of lower introductory transfer rates and to pay off one card and move it to another so there's little to no interest involved for a certain time period, typically 18 or 24 months.
But is a credit card transfer always a good idea?
In theory, it allows you to avoid interest rates that are typically already steep on the current card in question, but you also have to look at two initial items: percentage of fee on the transfer and what the interest rate is going to be after that introductory rate comes and goes. Anyone can enjoy a zero percent interest rate for a year and a half or two, but after that are you dealing with a double digit interest rate that pushes 20 or 30 percent?
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