Having a credit card could mean the whole world for certain people. He can swipe it on any purchase he wants. The problem is can he repay all of those purchase. If the answer is not, then it will be a disaster for him. He is building a huge debt out of it especially when the interest rate on his card is high. What would be his choice? A credit card balance transfer could be an alternative answer for such a condition.
What is a credit card balance transfer actually? It means to transfer your credit card balance to another card which has a lower interest rate. Note that such transfer can only be done to a different card provider. This transfer might take you some time to become effective. It is crucial for you to keep paying the minimum payment on your old card before your new one takes effect. After that, it is suggested that you simply close your old card lines off to avoid you from paying unnecessary minimum payment or even tempt to use the card that will end up in a new debts to pay.
Upon having a lower interest rates card, your credit card payment will be cut in half for the next six months or so. This way might give you the opportunity to save up some money for a minor emergency. However, the best way to save money is simply by eliminating your credit card debts.
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