Ring in The New Year With a Balance Transfer
The holidays are over and you may be left with a hefty credit card balance as a grim reminder of all the recent frivolities. Happy New Year! For many, a new year’s resolution might entail getting out of debt. A balance transfer can be a good way to do so. Consider this from SmartMoney:
“Transferring $10,000 from a 15% APR card to one offering 2.99% APR for the life of the transfer would save you $10,829 in interest, and help you pay off your debt in half the time — all without paying more than the monthly minimum of $150.”
But before you go jumping into these enticing offers, consider whether you need the zero percent introductory rate. It will be gone in a flash, leaving you with standard APR at a minimum. Why not try the low fixed APR instead? Kiplinger’s Personal Finance has named American Express’ Blue Cash the best cash rebate card and it tops the list of balance transfer cards recommended by Banks.com.
Remember that the best way to help your financial situation is to eradicate old debt, so use these balance transfers wisely or it’s all for naught. Once your old debt is erased, revise your spending habits to include only that which you can afford. It’s a new year, new spending habits, and a new, healthier, more prosperous financial picture!
March 25th, 2008 at 10:24 pm
[…] Ring in The New Year With a Balance Transfer Ring in The New Year With a Balance Transfer By Hayli Morrison | January 2nd, 2008 The holidays are over and you may be left with a hefty credit card balance as a grim reminder of all the recent frivolities. Happy New Year! For many, a new year’s resolution might entail getting out of debt. A balance transfer can be a good way to do so. Consider this from SmartMoney: “Transferring $10,000 from a 15% APR card to one offering 2.99% APR for the life of the transfer would save you $10,829 in inte […]