Be careful of zero interest offers to transfer credit card
debt...
While many of you reading this site are on the road to a
debt free lifestyle, some are not quite there yet. Many
of you who are trying to get there may be getting offers
sent to you in the mail regarding balance transfers. While
many of these offers are a great way to transfer all of your
higher interest rated credit card debt into one
monthly payment with a lower rate of interest paid - you
must read the fine print before you move forward into any
agreement with any bank or credit card company. Many balance
transfers offer the zero or low interest rate for a limited
time, when that specified introductory period is over, you
will most often see the rate hike back up to what you were
paying on the original debts - sometimes even higher than
you were originally paying. Think of it this way, even if
you were to have a similar rate to your original cards
before the balance transfer - you are now paying that rate
on a much higher balance since all the cards have been
consolidated into one monthly bill. This will make it
extremely hard to pay off your credit card debt all
together - do the math here and be aware of the fine print
before you sign anything. But, do understand that not
all balance transfers go down like this - and to make sure
it does not happen to you - read the fine print.
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