introduction by Alice Shaffer
The Financial Nanny
Many people have taken advantage of balance transfer options that credit card companies offer. I know that I have taken advantage of several in my past. The best one was from American Express that was “life of loan” for 4.99%. This helped me consolidate numerous credit cards during a period of time I was spread thin. It actually helped me pay off my debt faster paying a 4.99% rate versus a much larger one when adding all the cards’ interest rates together.
The other week I came across a great post on Moolanomy discussing the pros and cons of balance transfers. Pinyo is right that it can help reduce your debt quickly. If you are not careful it can also help increase the amount of your debt if you do not use the transfered money correctly.
The Pluses of Using a Balance Transfer Credit Card
There are a lot of people out there that swear credit cards are evil, but I believe credit cards are simply financial tools that are available to make your life easier. They are useful and have many financial benefits, but like power tools, they could hurt you if you’re not careful. So how can you constructively use this type of offers to help you?
to read the rest of the article please visit: The Pros and Cons of Making a Credit Card Balance Transfer