Getting out of Debt with a Low Interest Credit Card Transfer Balance
A low interest credit card transfer balance could work to your advantage if you fulfill these three requisites:
1.) you have a paying and stable job,
2.) your current credit card debt does not exceed your credit limit, and
3.) you are ready to move mountains to pay your debts.
These three important details will certainly help you overcome debt trouble, fix your credit score and possibly even be able to negotiate for better rates sometime in the future.
Otherwise, a zero or a low interest credit card transfer balance cannot make your credit card debt disappear.
Stable job. You will be asked to substantiate your employment claim, and possibly even be asked to supply a few month’s pay slips. This will give the card issuers an idea about your capacity to pay, if all your card debts get consolidated.
Manageable credit card debt that does not exceed your credit limit. But really, make that 50% of your credit limit. The reason for this is that card issuers will not transfer your entire balance to your new credit card. Only about 30% might be transferred and you’re lucky if they allowed you to transfer more.
Readiness to pay your obligations. This is very important not only because late and incomplete payments may forfeit the low interest promo or may increase the variable rate based on your performance or payment.
A low interest credit card transfer balance can certainly lower your debt if you are willing to surrender to paying fully and on time.
Never try to attempt transferring your existing card debts if you do not have a means to pay or if you have too much debt no bank or credit union is willing to do it for you.
It is for your own good and you can always try again when you are ready, if you get rejected for a low interest credit card transfer balance.
Courtesy of CreditCardShoppe.com
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