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Finance > Credit > Credit CardZero percent Balance Transfers can damage your Health
Posted by nick_niesen in Finance on October 29th Pirates David Freese Jersey , 2010
What you are about to read may make you reassess your attitude to zero interest balance transfer offers. I will show how these balance transfer offers are pushing more and more people into serious financial difficulties and I will suggest a few ideas on how you can manage your debt better.
Credit card debt is rising at an alarming rate and many people are now getting into serious financial difficulties. One of the reasons is the promotion of no interest balance transfer offers and interest free initial periods.
Like most people, I've been tempted by the these offers to change my credit cards. I've taken them up on their offer and moved my credit card debt and, for a limited time, had no interest to pay. But "just in case of an emergency" I usually hang onto my old card.
Then something happens, an unexpected bill, or a wedding or birthday gift I've forgotten about. "Never mind" I tell myself "I can put it on the old card - there's plenty of credit on there so it's no problem."
A few months and a few unexpected bills later the interest free period runs out I have to pay interest on both my new card and the old card. Now I'm worse off than when I started but that's no problem as I can look for another card offering another interest free period and zero interest balance transfers.
It's so easy and the banks and credit card companies are so eager to lend the money that it becomes routine, until that is, something goes wrong. You could fall ill and be off work, or, you could lose some overtime and your wages fall, or maybe that big deal you were relying on falls through.
It may just be that the credit card companies decide you have too much outstanding on credit cards and you would have difficulty paying the repayments, or simply they spot that you are a regular churner of the debt and they don't want your business.
Whatever the reason the result is that you have all the interest to pay and you start to struggle with the minimum payments and miss one or two. Because you've missed payments it becomes even more difficult to find the next interest free balance transfer offer.
Now you have a real problem but it is one that can be avoided.
I could suggest that you don't use credit cards but I suspect that would not be acceptable, and I am not going to suggest you ignore the 0% offers - that would mean you paying interest when it is not needed.
The simplest way to benefit from these balance transfer offers, but keep your card debt under control, is to cut up your old card when you switch to a new one.
That way you benefit from the 0% offer but minimize your exposure to higher debt.
Once you have cut your card up though, it is essential that you contact the card issuer and close the account. Until you close the account the card issuer will continue to tempt you with special offers to use your old card.
Another tip is to never pay just the minimum payment. Always pay the maximum monthly payment you can afford. Reducing your payments simply pushes back the time when you have to repay and in the long term increases your payments. Use the interest free period to reduce your debt to the minimum and if possible clear the balance.
Credit card companies don't offer an interest free balance transfer because they are feeling generous. They do it because, in the vast majority of cases, they will be able to charge you more in the longer term. Use interest free credit to benefit you not the credit card companies.
LONDON, Jan. 30 (Xinhua) -- A delegation of the Communist Party of China (CPC) has wrapped up a four-day visit to Britain with an agenda to brief on the 19th CPC National Congress.
The delegation led by Wang Xiaohui, deputy head of the Publicity Department of the CPC Central Committee and executive vice director of the Policy Research Office of the CPC Central Committee, started the visit on Saturday.
Wang met respectively with deputy speaker of the House of Commons,Lindsay Harvey Hoyle of the Labor Party, and with Alec Shelbrooke, a Conservative Party politician.
On the delegation agenda was also a symposium on the 19th CPC National Congress hosted by Great Britain China Centre, and the 48 Group Club.
In discussions with British academic, business and media figures, Wang expounded on the key guidelines for China's future policies proposed at the 19th CPC National Congress held in last October, as well as China's policies relevant to Britain.c
Oscar (L) of China's Shanghai SIPG FC vies with Piyaphon Phanichakul of Thailand's Chiangrai United during their AFC Champions League qualification match in Shanghai, east China, Jan. 30, 2018. Shanghai SIPG FC won 1-0. (XinhuaFan Jun)
BEIJING, Jan. 31 (Xinhua) -- Chinese Super League (CSL) powerhouse Shanghai SIPG as well as Tianjin Quanjian secured their places in the group stage of the 2018 AFC Champions League.
Yu Hai scored the only goal of the game as last year's semifinalists Shanghai SIPG secured their third successive appearance in the AFC Champions League following a 1-0 victory Tuesday night over Thailand's Chiangrai United in Tuesday's playoff round.
Tianjin Quanjian overcame Phillipines' Ceres Negros FC 2-0 in Tianjin. The hosts took the lead after 18 minutes, as Anthony Modeste towered the ball above the visitors' defence to smash home a powerful header. The home side's second goal involved all three of Tianjin Quanjian's international stars, with Axel Witsel's header in midfield finding Alexandre Pato who expertly cushioned the ball over the top of the Ceres-Negros defence to play in Modeste, who made no mistake with just the goalkeeper to beat.
Four CSL clubs will compete in the 2018 AFC Champions Lea. Cheap Epic React Blue Cheap Epic React White Cheap Epic React Crimson Cheap Epic React Flyknit Air Max Womens Outlet Cheap Air Vapormax 2018 Cheap Air Presto White Jordan Shoes For Sale China Jordan 11 Retro For Sale Cheap Air Max 95 Shoes |
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