Consolidating credit card balances online dating bsdm
Financial and money management experts say consumers should consider transferring high-interest balances to 0 percent or low interest credit cards if they can.
"Now is the time if you are able to do balance transfers," says Jim Tehan, a spokesman for My Vesta.org, a money management website.
Having debt on more than one credit card can make it difficult to keep track of spending and therefore of the overall amount borrowed.
One option is to consolidate credit card debts onto one card.
Merging multiple cards into one with a low or 0% interest rate card is known as credit card consolidation.
Many credit cards providers offer introductory interest-free periods as a way to entice new customers.
Some offer long 0% interest rates, with the longest balance transfer deals lasting over two years.
Other cards on the market simply offer a standard low interest rate for the life of the credit card.
However, the saving in interest paid must be weighed against the costs of a balance transfer card…It is estimated that around 40% of credit card holders do not pay off their balance in full each month.With average household credit card debt in the UK currently at £2,688, finding a means of reducing interest costs could be a priority for many people.You may be able to obtain a balance transfer card with a lower interest rate than your current credit cards, possibly an introductory interest rate for a set time.For example, some credit cards offer a 0% interest rate on transferred balances for up to 29 months.