The 0% interest is usually applicable only within the promo period.
New York, NY (PRWEB) March 25, 2014
Debt Consolidation USA focused on balance transfer in an article published last March 21, 2014. The title of the article is “5 Tasks Before Consolidating Debts Through Balance Transfer.” In this article, the debt relief company sought to provide consumers with tips that will make this debt solution very effective.
According to the article, while this debt relief program is effective, it has a lot of pitfalls that may keep the consumer from achieving debt freedom. After explaining what balance transfer can do for the consumer, the article proceeded to reveal the 5 tasks that has to be completed to make this solution more successful.
1. The consumer should read the terms of the balance transfer card thoroughly. First of all, the consumer has to read the fine prints that come with the card very well. This is to fully understand the details of the balance transfer and the 0% introductory promo.
2. The consumer should prepare the fees that will make the balance transfer complete. The article revealed that there is a fee involved in the balance transfer process. This is typically a percentage of the amount that is to be transferred. The consumer has to be prepared to pay for this.
3. The consumer should understand the coverage of the 0% promo. According to the article, issuers of balance transfer cards have different mechanics for this promo. Sometimes, the 0% interest can be applied to new purchases while for some, it is only for the transferred debt.
4. The consumer should find out if there are changes to the rate in the future and when it will happen. The 0% interest is usually applicable only within the promo period. After that, any balance left on the card will be imposed with a high rate. In some cases, the rate gradually increases at pre-determined periods. The consumer must find out when these changes will occur.
5. The consumer should research reviews about a particular card and respective issuer. This advice is given to help the consumer choose the right account that they will use to consolidate their multiple debts.
The debt relief website also provided consumers with tips on what they should do as the balance transfer process is going on. They also gave two other debt solutions that can help consolidate consumer debt. To read these additional information, click on this link: http://www.debtconsolidationusa.com/debt-consolidation/5-tasks-consolidating-debts-balance-transfer.html.
Debt Consolidation USA is a member of the IAPDA or the International Association of Professional Debt Arbitrators. Their website is filled with articles that will help consumers educate themselves about all personal finance matters. These include getting out of debt, increasing savings, debt solution options, and other financial issues that are current today. Visit their website to improve financial literacy.