Do Some Homework Before Deciding On Balance Transfers Or Debt Management
Boca Raton, FL (PRWEB) January 08, 2013
Many Americans will be faced with some high balances on their credit cards now that the holiday season is over and in many cases their spending was considerably higher during the 2012 holiday season. Some consumers that are in a position to take advantage of very good balance transfer offers will be able to pay off the entire amount of accumulated debt within the introductory rate period. If your credit is very good with Fico scores over 700 you may qualify for 0% introductory offers without the need for a debt management program in addition to these offers. However you need to do some homework before choosing which balance transfer offer to take advantage of to make sure it is within your budget after the promotional rate expires.
Some consumers may not be in a position to pay off the entire balances during the promotional period and it is important to be sure that they know what rate the account or accounts will be raised to after the promotional period is over. Other consumers may not be able to qualify for balance transfers so a debt managemen t program would be the correct course of action if their interest rates are high. What can also be done is using the the combination of debt management and balance transfers. For example, if a consumer is carrying high balances on accounts that do not offer very good interest rates through the debt management program and they have some available credit on other accounts that do offer good debt management rates we can look at moving those balances to more favorable accounts before starting the debt management program. Many of these offers seem very attractive when they are first looked at but be sure that if you may be carrying these balances after the promotional period the interest rate that the account will rise to is not higher than what you already have on the accounts you are trying to pay off.
What we can do before you make your decision is take a look at what accounts you have and then based on your credit score and debt to income ratio decide what needs to be done. If it turns out that the best plan is to combine both balance transfers and debt management a plan can be designed to get you the best rates moving forward.
HERE ARE SOME TIPS FOR MAKING THE CORRECT DECISION
1. Know what rates you will have after the promotional rates expire.
2. Watch for transfer fees, these can be very high and adversely effect the savings.
3. See if you meet the requirements, is your credit score high enough.
4. Explore using a debt management program along with transfers.
5. If you don’t qualify for transfers explore debt management.
6. Look at multiple offers so you get the best ones.
By following these guidelines and doing your homework you will be able to get the best rates for paying off these debts. It may be just transfers that do the trick, it may be a combination of transfers and debt management or you may just need a debt management program for all of the accounts.
For more information on debt management contact Accelerated Debt Consolidation, Inc. at 800-810-5250 or visit our web site at http://www.debtsynergy.com