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Credit cards with low interest rates are the way to go if one wants to keep the cards for life. It is not difficult to get carried away while using a card and before one realizes one would have run up a hefty bill to pay up. It’s a different matter altogether if one can pay up the whole bill each month without having to carry forward any balance to the next month. But if that is not possible then one would end up in serious trouble and end up paying huge sums as interest on the credit card debt. This is a vicious cycle as one would end up paying a lot more in cash in order to repay the debt in full and the time taken would be much longer than one would expect.
So the next logical step for someone who has a lot of credit card debt to clear is to do a 0% balance transfer and make the switch to a new card. But that again has to be done with some caution. It would be worthwhile to look at various card companies and the options before zeroing in on a card that would be best suited for the individual. By making this switch one could avoid the interest for a year or more. For instance, if one had to switch over to the Barclaycard Platinum card (with a 16-month BT Visa) one would have at least 16 months to clear off the balance which is pretty decent, before the interest creeps in. 16 months is a long period for one to get hold of the situation and tackle the debt problem.
However, if the debt that is incurred is huge it might take longer to clear it off and the debt in the card could remain even by the end of the interest-free period. In such cases on would be faced with two options – to either move the debt to another card with 0% balance transfer or to use a lifetime balance transfer card. With the first option one will need to pay another balance transfer fee at 3% interest and with the second option the cards offer a low rate of interest for the entire term until the debt is cleared. So, one could relax with the knowledge that the interest would remain low until the whole amount is cleared off. This would save one from switching cards constantly and paying the balance transfer fees every single time.
