If you choose to use one credit card to transfer all your balance because of a lower interest rate, this can mean many things. On the exterior this can be a good thing that permits an individual to merge his or her other credit card balances which might in the long run prevent credit card debt. But what else can they do? Not much research has been done into the query; though I am circumspectly convinced that credit card transfers can be used as a technique to cut down on high interest.
Theoretically, I have been in serious credit card debt like many other Americans. I took out more credit cards to pay off old ones, successfully closing myself in a malicious little sphere. Having numerous debtache cards, I was getting charged interest rates and late fees on each one, destroying my chances of ever paying them all off.
The pressure and tension of constantly worrying about my finances began to wear me down. I had some sleepless nights where I could not sleep, in part due to my tormenting, and partially because I couldn’t stop planning witty and angry replies for creditors that were calling me at all hours wondering just where their money was. I got to the point were the debt did not bother me any more, because what could they do.
So at last I snapped and I began having children and I no longer wanted to live from pay check to pay check. I wanted my kids to be smarter than I was. I did not want them to have the same credit card debt problems that I had. So I decide to start taking the phone calls from the creditors and try to obtain a payment plan. However some of them would not work with me until the credit cards had went in to default. Then I made a commitment to work with collection agencies to work out a payment plan.
I would highly advise anyone who is going to work with a collection agency to make sure that they use a reputable debt consolidation company. Great debt relief companies can be the difference between more debt and becoming debt free. If you can transfer all of your credit card balances onto one credit card. With only one interest rate, and hopefully no late fees, my debt would be easier to carry and manage.
The point that I am trying to make is that balance transfer cards are a convenient answer to a common problem. Plenty of people I know have taken out multiple credit cards to pay off other cards. If you find yourself in such a cycle, consider loading all your troubles onto one balance transfer card. If it is too late for a balance transfer you might consider debt consolidation.
Nomoredebtaches's Blog 