Balance Transfer Credit Cards Could Be Your Debt Relief Option

Unfortunately, many people have found themselves in financial positions they never

thought they would have to deal with thanks to the financial recession that we have been dealing with for the past few years. With credit card bills mounting, many people have found themselves looking into the different debt relief options they may have. Not being ready to close charge card accounts and take negative hits on credit scores, many consumers decide not to move forward with debt settlement or debt consolidation. However, what other option do these Americans have for credit card account debt relief.

One option that is often overlooked is balance transfer credit cards. I know what many Americans may be thinking. If you have charge card account debt, why would you want another credit card account? Well balance transfer charge card accounts although disguised as regular credit card accounts have special debt relief potential. As a matter of fact, balance transfer charge card accounts can be used as a form of debt consolidation that doesn't require the closure of any credit card accounts! No that I've got you interested, let me tell you how this works.

First off, balance transfer charge card accounts have their name for a reason. These credit cards allow consumers to transfer balances from high interest rate charge card accounts to the one balance transfer charge card. In most cases balance transfer charge card accounts will come with great introductory and long term interest rates, however, there are a few things people should look at when shopping for balance transfer credit card accounts:

The first thing that consumers will want to look at when shopping for a balance transfer credit card for debt relief purposes is the long term interest rate. Although introductory interest rates are nice, they do not last forever. Consumers should make a list of the balance transfer credit cards they find with acceptable long term annual percentage rates first.

Once this list is made, Americans should go back and look at introductory interest rates and introductory periods. Introductory interest rates are lower APRs that are generally used as bait to attract new consumers to a credit card product. These interest rates can range from 0% to 6% and usually last between 6 and 12 months. Consumers should now take the higher introductory annual percentage rate balance transfer credit card accounts off of the list that they made earlier. This should leave them with only a few offers.

Now it is time to compare transfer fees! With the offers Americans have left on their list, it is time to compare the transfer fees the bank will charge Americans to transfer a balance using that specific charge card account. Transfer fees can generally be between 3% and 6% of the amount being transferred. However, before not using a card for high transfer fees, it should be compared by its long term and introductory interest rates. Sometimes, it is worth paying a higher fee up front for more long term savings.

Finally, once a charge card is chosen, Americans should apply for and transfer all of their high annual percentage rate debt to the new balance transfer charge card. This will reduce the overall interest the consumer will have to pay for the debts borrowed against credit cards in the past and has already provided thousands of consumer the relief they deserve!

by: SEO Daddy-O

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