Beat the credit card addiction with a balance transfer
10 September 2008
Recent figures show that Australians have racked up over $32 billion in credit card debt. That's roughly $1200 for every person in Australia. Many people have debt on several credit cards. This also means they're paying for varying amounts of interest, different annual fees, and possibly for reward programs that aren't being used effectively. Many people are also unaware how a balance transfer may help save them money.
A balance transfer allows you to transfer the owing balance of your credit cards to one single card. Balance transfer deals often have interest free periods, allowing you to pay a good deal of your balance off without being charged interest. If you look around for a balance transfer deal to transfer your debt to, you're probably best off looking for a credit card that comes with low interest rates and low annual fees.
If you think you may be in over your head with credit card debt, consult with a professional financial advisor for assistance.
Compare balance transfer credit cards to find the right credit card to help manage your finances.
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