Is Zero Percent Credit Card Debt Really Real? The desire to get out of credit card debt is universal for anyone who fights this big problem. And this is not an isolated problem. More and more people experience major problems with credit card debt, especially in times when you only have to use credit every day.
There is something rather strange then about credit card companies that come with offers to help you get out of credit card debt when they are the problem in the first place.
This is almost like a drug driver that encourages new drugs that can get you out of drugs but the drugs that he encourages are just as addictive as the latter. But when you get offers for new credit cards every month, they often push plans to help you get out of debt by getting into debt to them.
This is often called zero percent bidding and they have marketing people who are skilled at writing copies for this offer so you tend to believe that you will really be able to have a loan without interest so you can only pay off the principle and that's that.
So, is this zero percent credit card balance transfer offer real? Yes they are in the sense that they might transfer a portion of the funds and yes, the interest rate that you will see in the first statement will be zero percent.
But, like all things, there are catches and things to look out for. You must remember that the credit card company is entirely in the interest collection business. They don't do anything else. They don't offer value to society, don't build roads or hospitals, don't sell food or medicine, don't make TV shows to make you laugh. They sit there, hoard your debts, collect interest, and try to persuade you to increase debt.
So, when you get a zero percent offer, they plan to recover lost money from when they support your debt and you don't pay interest. One way they do this is with transfer fees. They almost always charge a 3-5% balance transfer fee with a minimum and sometimes maximum value.
Read the small print carefully to make sure you understand how much this will happen and that you approve it. But know that the transfer fee is no more than the interest disguised. So, calculate it with the interest you pay leaving the debt where he is sitting now before you cash a zero percent balance transfer.
You will also rarely see zero percent balance transfers that are not for a very limited time frame, usually no more than three to six months. So by calculating the transfer fee, you have to wonder whether the effort to move money is worth it. And at the end of the introductory period, they will raise your interest rates to something they, credit card companies want.
Make sure you really know the interest rate that will occur and that they meet the interest rate stated. If you enjoy zero percent transfers for three months and then face a year of 21% interest, you don't win the transaction, the credit card company wins. https://bit.ly/2Wv5G7h
There is something rather strange then about credit card companies that come with offers to help you get out of credit card debt when they are the problem in the first place.
This is almost like a drug driver that encourages new drugs that can get you out of drugs but the drugs that he encourages are just as addictive as the latter. But when you get offers for new credit cards every month, they often push plans to help you get out of debt by getting into debt to them.
Learn Credit Card Offers well
Perhaps the most difficult incoming offer is an offer that allows you to transfer a balance in part of your debt and not pay interest for it.This is often called zero percent bidding and they have marketing people who are skilled at writing copies for this offer so you tend to believe that you will really be able to have a loan without interest so you can only pay off the principle and that's that.
So, is this zero percent credit card balance transfer offer real? Yes they are in the sense that they might transfer a portion of the funds and yes, the interest rate that you will see in the first statement will be zero percent.
But, like all things, there are catches and things to look out for. You must remember that the credit card company is entirely in the interest collection business. They don't do anything else. They don't offer value to society, don't build roads or hospitals, don't sell food or medicine, don't make TV shows to make you laugh. They sit there, hoard your debts, collect interest, and try to persuade you to increase debt.
So, when you get a zero percent offer, they plan to recover lost money from when they support your debt and you don't pay interest. One way they do this is with transfer fees. They almost always charge a 3-5% balance transfer fee with a minimum and sometimes maximum value.
Read the small print carefully to make sure you understand how much this will happen and that you approve it. But know that the transfer fee is no more than the interest disguised. So, calculate it with the interest you pay leaving the debt where he is sitting now before you cash a zero percent balance transfer.
You will also rarely see zero percent balance transfers that are not for a very limited time frame, usually no more than three to six months. So by calculating the transfer fee, you have to wonder whether the effort to move money is worth it. And at the end of the introductory period, they will raise your interest rates to something they, credit card companies want.
Make sure you really know the interest rate that will occur and that they meet the interest rate stated. If you enjoy zero percent transfers for three months and then face a year of 21% interest, you don't win the transaction, the credit card company wins. https://bit.ly/2Wv5G7h