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By Sean A. Kelly
Balance transfer for 0% interest seems to be quite popular these days. People are looking for ways to reduce or pay off their credit card debts. Are you one of them? Before you take up a balance transfer offer, you may want to check out more about it and make some comparisons. Some options like debt settlement could be a better solution for your situation. You can find out more information about debt settlement from Freedom Debt Relief.
Freedom Debt Relief is a reputable debt solution provider and has helped many customers to settle their credit card debts, amounting to $40 Million a month. It is a member of the Better Business Bureau (BBB) and manages more than $1 Billion of debt in total. Freedom Debt Relief runs a program called Freedom Fresh Start which is an effective debt reduction plan. It also guarantees no fees payment for its services until your debt is successfully resolved. It could be a place to start to end your debt problems.
On another note, if you are considering balance transfer to clear your credit card debts you may want to pay more attention to some of the costs involved. Balance transfer means transferring the amount you owe for your current credit cards to a new card to enjoy 0% interest during the offer period. Some areas you may want to consider are:
? Transfer fee: Most balance transfer comes with a transfer fee. This fee is charged to move your debts from your current cards to a new card. Transfer fees could range from 3% to 7% of your transfer amount. For example: if you transfer $5000 for a fee of 7%, the transfer would cost you $350. It could be in your best interest to read the fine print and understand the implications before signing up for a balance transfer.
? Offer period: The 0% interest rate is normally applicable for a certain period of time only. It could range from 12 months to 21 months depending on the offer by the creditors. After which, the interest will be charged for the balance of unpaid amount based on current interest rate. If you are juggling a few balance transfer cards, you may want to pay more attention to the offer period of each card. You may want to be sure to pay off each card before the offer period is over.
? Payment ability: Before you take up a balance transfer offer, you may want to evaluate how much you could pay off your debts in within the 0% interest offer period. If you have a debt of $10,000 and estimate that you can only pay $3000 during the offer period, you might want to reconsider your decision. You could try to work out the pros and cons before taking up an offer.
In addition to balance transfer and debt settlement, there are other ways to settle your credit card debts like credit counseling, consolidation loan and bankruptcy. You may want to seek help from debt services companies to obtain more information. It really depends on your specific situation, your budget and your commitment.
You may need to do some research on a few companies before deciding on the one that could help you win the battle against debts. Some areas you could consider are fees charged by these companies, their financial situation and company background, rate of success and status with BBB. Gathering all these information could help you make a better and wiser decision.
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Freedom Debt Relief
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