Credit card debt can be the nastiest debt to budge. Because of the convenience of purchasing with a credit card you can find the debt accumulating so quick, you barely even realise you’ve fallen behind on payments. If you have credit card debt on more than one card and are struggling to pay it off, you should compare low interest balance transfer cards.
Many credit card providers offer low interest balance transfer deals which are a reduced interest rate card for an introductory period when you transfer your debts from other cards onto the new account. The idea is to pay down as much of your debt as possible, if not all, during the introductory period because the credit card reverts to a higher rate later.
Attention! Balance transfers aren’t for the frivolous spender
Low interest balance transfers can be great for getting ahead of your credit card debt, but you have to be committed to paying off your debt to see the benefits. So ask yourself some important questions before you jump ship:
- How much debt have your accumulated?
- How much can you pay off each week?
- Can you have it all paid off in the introductory period and tighten your belt on spending during this time?
- How regularly will you use the card once you have paid off your existing debt?
Get started now by comparing low interest balance transfer credit cards at RateCity to find a deal that suits your repayment needs.