January 15th, 2010 | 
Author: Most of people receive numerous offers for 0% APR credit card on a daily basis. Yet, most of us just throw them away. Next time when you receive such an offer, we strongly recommend you not to rush and try to see a window of opportunity. Not only could you consolidate your current debts, but on top of that you could eliminate expenses by not paying unnecessary interests.
First thing we suggest is to transfer all your outstanding balances from high-interest credit cards to your new 0% card. From then on you’ll be only making a single payment each month instead of a few. Secondly, estimate the regular payment you would need to make every month to have your balance paid off by the end of the promotional period.
Stick to that payment each month and you will save a lot of money in interest fees. If you do that, by the end of the introductory period your debt will be paid off and you won’t spend a penny in interests anymore! In case if you don’t manage to pay off the balance, another option would be transferring the remaining balance again to a new 0% card at the end of the introductory period, further decreasing your monthly payments.
However, before taking the plunge and signing up for a new 0% credit card, we do have a few suggestions for you. First of all, go compare all deals available out there! Read the T&C’s very carefully:
- Is there a balance transfer charge, and if there is, how substantial is it?
- Does the 0% offer apply solely to balance transfers or to purchases as well?
- How long is the 0% introductory period?
Study the terms and conditions well or this new 0% card could turn out to you more expensive than the 16% credit card you already have in your wallet. There are much more credit card companies out there than you could possibly imagine - evaluate carefully numerous offers and choose the one, which is the most valuable to your needs. A wisely chosen credit card can save you lots of money!
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Posted in Credit Cards | 
Tags: 0% credit card, Credit Cards, Credit rating, Credit score, Debt consolidation, Personal Finance
Good insights. People need to make sure they dont get ripped off by different debt settlement and negotiation companies. I found … they cover different companies and methods. Knowledge is power. I like that site because they don’t try to sell or promote anything.
Credit card debt settlement would seem to be increasing as a true strategic option for individuals stuck with debt. For the past several years I have been oberserving the debt consolidation market very closely and it is quite difficult to to define what is delivered for your cash. I am aware that there are a large group of service providers available in the market that deliver fantastic debt solutions and the debt cusotmers truely feel the benefit, but I also know that there are a large group of debt consolidation providers in the market that are only focused on collecting new customer fees and enrolling new customers. I am sure this is why we are seeing so much new regulation regarding the debt consolidation industry. My best friend worked with a debt consolidation business and was very extremely happy with the solution that was provided.