Credit Card Debt Info

If you have credit card debts on high interest credit cards one option might be a balance transfer to another lower interest credit card. The problem with this option is that most of these credit cards offer a low rate for the first six to twelve months but then your rates will sky rocket after the introductory APR interest rate period has expired.

Some truths about low rate credit card balance transfers:

• These can hurt your credit rating in the long-term.
• You need very good credit to get approved for these offers.
• Simply applying for these offers can hurt your credit report.
• Some banks are now charging ridiculous fees for missing a minimum payment.
• Miss a payment and you interest rate will be higher.
• Banks are starting to shorten the introductory interest rates on these offers.

If you choose to go with a low interest balance transfer make sure you know all the facts and read the fine print.