Free balance transfer credit cards are one of the most under utilized resources for financial management. When we are financially stressed, paying far too much every month on debt, we are often unable to see a way out of our problem. We lurch from one bill to another and if we are not careful, fall further into debt in the process. Monthly interest charges are a killer! Introductory rate cards provide a way to stop paying this interest for a period of time. Savings of hundreds of dollars every month can make an enormous difference to your financial well being, even if only for a short period of time.
Free balance transfer credit cards provide a way to reduce debt quickly if the interest savings are used to pay down the balance. It can be tempting to blow the interest savings, after all hundreds of extra dollars every month can make life a great deal easier. However, if you are able to take a longer term view and use money you have saved on interest payments to reduce your credit card balance, you will very soon find yourself in the enviable position of being debt free. In other words, by simply continuing to make the same payments on your new card you will very quickly pay down your balance since interest is no longer being charged.
However, it may not be possible to continue paying such high payments and free balance transfer credit cards can provide much needed financial relief from an over-stretched budget. You can use the savings to catch up on bill payments and replenish stocks. Nevertheless, once you have given yourself a little space, try to start paying more money back into your card so that your actual debt reduces. Otherwise, when your introductory period ends and you are charged interest once more, you will be back in the same untenable position.
For people seeking a debt consolidation alternative that can both reduce monthly expenditure and reduce debt quickly, free balance transfer credit cards should seriously be considered as a short term option. Try to obtain the longest introductory period possible, preferably at least twelve months. At the end of this period you can reevaluate your position and choose to consolidate into a competitive personal loan or transfer the balance again into another zero rate card. It may be helpful to seek professional financial advice to guide you in your decision.
Many credit card providers offer free balance transfer credit cards to attract new business. Choose one with the longest introductory period and lowest establishment charges, fees and penalties. You can choose from a number of zero rate cards by simply visiting an all-in-one credit card site, particularly one marketing introductory offers. Just do an internet search and you will find a number of possibilities. Not only do these sites provide a comparison between different credit cards, they also offer you the opportunity to apply online to transfer your balance. Furthermore, at the end of the introductory period, there is nothing stopping you from doing it all again and transferring your balance to a new zero interest card.
