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Interest and charges on credit cards can really add up and increase your total credit card debt substantially in some cases.

You might have read about balance transfers as being one way around excessive interest charges, but what’s it all about?

Basically, a credit card transfer balance is where one credit card provider pays off your credit card debt on another card. You then owe the new provider the money instead.  But why bother going to all that effort?

Well the reason so many do is that many credit card providers now offer special balance transfer rates. Commonly, this is a 0% balance transfer for a limited time. So let’s say, for example, you owe £1000 on one credit card at an interest rate of 15% and £1000 on a second card at 12%. You then go to a new credit card provider who is offering 0% for 12 months and do a balance transfer. The debts on the first two are now settled and you owe £2500 on the new credit card, but with a 0% interest rate for the first 12 months.

This doesn’t necessarily mean that you will have to pay less each month as that depends no the minimum payment set by your credit card provider. But it means that for 12 months, you’re not paying any interest on the debt and so it is saving you money.

The deals and time periods vary from provider to provider and it’s worth looking into the specifics before considering this. It’s imperative to also look at how much the interest rate will be once the 0% period is over.

If you’re in excessive credit card that you simply cannot afford, it may be that professional debt advice is the best way to progress. For free, confidential help, get in touch today.

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