Balance Transfer Credit Cards - Leading Website Guides Consumers on Best Use
30 April 2006
Increasingly, Americans are finding themselves swimming in debt with no way of getting out. In fact, statistics have shown that the average revolving credit card debt in America is over $9,000. Many Americans are concerned about their growing debts, but are unsure about how to successfully get out and stay out of debt. CreditCardAssist.com has provided valuable information to thousands of Americans by providing comprehensive information about taking advantage of balance transfer credit cards ( http://www.creditcardassist.com/balancetransfer/creditcards.html ) to help get out of debt.
Many Americans do not realize how much added debt finance charges place on their credit cards. A credit card with a 20% APR on a balance of $1,000 will add $200 to the debt each year. On the other hand, a credit card with an 8% APR on a $1,000 debt will only add $80 to the credit card debt in one year's time. Multiply that by the average $9,000 debt carried by Americans and it adds up to a substantial savings when a low interest credit card is used. Utilizing the Internet and web sites like CreditCardAssist.com, consumers can learn more about the effects of finance charges and how much money they can save by using a balance transfer credit card to move balances from high interest credit cards to low interest credit cards. In addition, they can learn how consolidating their debts onto one card can make it easier to create a budget that can be adhered to.
The web site also warns consumers about what to be aware of when selecting a balance transfer credit card, such as fees or increases in APRs at the end of an introductory period. The site explains how to select the balance transfer credit card that is best suited to a person's needs and how to determine which one will save the greatest amount of money.
It is very easy for consumers to compare balance transfer credit cards online. Utilizing the web, consumers can easily compare interest rates, introductory periods, and other benefits associated with available balance transfer credit cards. While making these comparisons, pay particular attention to any participation fees or annual fees that may be associated with the card. The site recommends finding a balance transfer card that is void of any transfer or hidden fee charges because these type of add-on fees can negate the savings captured by transferring balances.
When it comes to balance transfer credit cards, CreditCardAssist.com advocates finding a card that offers a 0.00% introductory APR. According to the site, the best balance transfer credit cards will maintain a 0.00% APR on the amount transferred until the entire balance is paid in full. The site also advises selecting a balance transfer credit card that waives all balance transfer fees.
CreditCardAssist.com, is based in Los Angeles and is dedicated to providing consumers with comprehensive and valuable credit card information. As such, the site provides extensive information about a variety of balance transfer credit cards as well as informational articles about how to wisely use the card. For more information, visit the company's Web site at www.creditcardassist.com
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Source: prleap
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