Credit card debt and low interest balance transfers
15 January 2008
Australian's should be getting their credit card statements over the course of the next couple weeks with many sure to take a breath before opening that envelope to reveal how much they owe after doing their Christmas shopping.
For many, the amount that they will owe will be too much to pay in one hit and will leave them short of cash each time they get paid for the next 6-12 months until their credit card balance is paid off.
One of the things you can do to ease the burden of these payments is to apply for a balance transfer credit card.
A balance transfer credit card are being promoted by many of the leading banks with a zero interest rate for a "honeymoon period" of 6 months.
In effect, it a six month interest free loan on your existing debit balance. Some banks offer a zero interest charge for the entire life of your debit balance while others will offer you a low interest rate fee for six months.
Make sure that you read the terms and conditions of these balance transfer credit cards so that you know exactly what you're up for in terms of payment with the conditions varying amongst the different financial institutions.
Will a balance transfer credit card help you repay your credit card debt over the next six months or will it only be putting off the inevitable? You may find that you need a personal loan to repay your debts if you want some peace of mind.
Like most financial products, do some research when checking out the rates available for each lending product and the fees and other charges associated with them.
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