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Credit Cards eZine
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Credit Card Applications for a Change• Click here to view all Articles... • Click here to view Credit Card eZine Archive... |
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[10/05/2007]
Change is what makes life go on. And there comes times in life when you want to change things for the better. What this change will be like depends on person's goals. If the matter in hand is improvement of financial situation or saving ones credit reputation, the wish to change can turn into real mania.
This information can be very useful for those who underestimated their financial situation and misused a credit card. And thus are now facing a debt threatening situation.
The problem has not run too far and you are not a bankrupt yet. But if you do not act promptly there is a real threat of damaging your credit history. This means that you may lose your eligibility for future credit card applications.
What can be this wonderful change under these circumstances? What can improve the situation? Well, there are several things you can do. You can ask your credit card issuer for lower interest rates. In addition to that you can start paying more than a required minimum, thus increasing monthly payments. This will certainly be beneficial for your credit score but it may take a lot of time.
It may take so long, that bankruptcy may seem inevitable. But do not be afraid for this is not the only possible outcome. You may wish to follow our advice and then you will realize that you financial situation can be really improved.
Now, have you ever heard that you can transfer your balance from your current credit card with high interest rate to another with better terms and conditions? What is even better, this can save you money and speed your way up to debt freedom. But before you decide to take this step read our four balance transfer trip-ups.
- Study the time limits carefully. In most cases offers last for 6-9 months. Then they switch to normal interest rate which is usually around 16%.
- Learn what the zero APR covers. In many cases cards charge zero or low APR only for balance transfers. Remember not to make purchases with this card, because they will be charged with normal interest rate.
- Consider only those cards that have caps on transfer fees. Usually a balance transfer fee is 4% with the maximum of $25 or $50. But more and more banks now are cancelling these caps. So, if you transfer say $6000 your fee will be $240.
- Always pay in time. The lowest APR will disappear the minute you are late with your regular payment. Next time you are late and your interest can increase up to 30%.
Try also to remember that the more credit card deals you make during a certain period of time the lower your credit score will be. This happens because each time you apply for a plastic the company you apply to makes a so called hard inquiry which damages your score. Be careful with this.
Under these circumstances you may think that the change for the better we were talking about is impossible. You need not be so pessimistic. It is possible if you make balance transfer smarty. You will be able not only to avoid debt, but also economize on interest.
Copyright © 2008 www.acclaimsecuredcards.com. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Comments• eZine Comments... |
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Balance transfer is a wise thing to do to change the situation for the better. The only thing needed is to be attentive.
I agree, balance transfer can cause troubles. But if a person uses it wisely he will profit much.
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